SO 1 Chuyen de No Xau

GII QUYT N XU VN
MU CHT TRONG TI C CU
H THNG NGN HNG

BAD DEBT SETTLEMENT -
CRITICAL ISSUES IN BANK
RESTRUCTURING IN VIETNAM

TRUNG TM THNG TIN T LIU
in thoi Fax: (04) 37338930
E-mail: vnep@mpi.gov.vn

TRUNG TM THNG TIN T LIU S 1/2013 1
MC LC
I. Tng quan l lun v n xu ................................................................................. 2
1. Cc vn l lun v n xu ............................................................................ 2
1.1. Khi nim..................................................................................................... 2
1.2. Phn loi n xu v trch lp d phng n xu............................................. 3
2. Kinh nghim quc t trong vic x l n xu .................................................. 6
2.1. Kinh nghim x l n xu ca Hn Quc...................................................... 6
2.2. Kinh nghim x l n xu ca Trung Quc................................................... 9
2.3. Kinh nghim x l n xu ca Thi Lan.......................................................11
2.4. Bi hc cho Vit Nam ..................................................................................14
II. Thc trng n xu ca Vit Nam........................................................................15
1. Khi nim v phn loi n xu Vit Nam..................................................15
2. Din bin n xu ca Vit Nam.....................................................................16
3. Nguyn nhn ca tnh trng n xu tng cao ti Vit Nam.........................24
4. Tc ng ca n xu v qu trnh gii quyt n xu n nn kinh t Vit
Nam.......................................................................................................................32
III. Mt s gi chnh sch cho Vit Nam trong vic gii quyt n xu v thc y
qu trnh ti c cu ngn hng ................................................................................33
1. Quan im nh hng trong vic gii quyt n xu...................................33
2. Mt s gi chnh sch nhm x l n xu v thc y qu trnh ti c cu
h thng ngn hng..............................................................................................35
2.1. V pha chnh ph........................................................................................35
2.2. V pha cc NHTM v TCTD.......................................................................41
2.3. Gii php t pha cc khch hng vay vn ca TCTD.................................42
Summary: Bad debt settlement - critical issues in bank restructuring in Vietnam
..................................................................................................................................... 45
Ti liu tham kho..53

GII QUYT N XU VN MU CHT TRONG TI C CU
H THNG NGN HNG
I. Tng quan l lun v n xu
1. Cc vn l lun v n xu
1.1. Khi nim
N xu thng c nhc n vi cc thut ng bad debt, non-performing
loan (NPL), doubtful debt
1
, thng thng n xu c hiu l cc khon n di
chun, c th qu hn v b nghi ng v kh nng tr n ln kh nng thu hi vn ca
ch n, iu ny thng xy ra khi khch hng vay tuyn b ph sn hoc tu
tn ti sn. Tuy nhin, hin nay ang tn ti kh nhiu khi nim n xu khc nhau.
C th nhc ti mt s khi nim n xu nh sau:
- Khi nim ca nhm chuyn gia t vn Advisory Expert Group (AEG)
Nhm chuyn gia t vn AEG ca Lin Hp Quc cho rng nh ngha v n
xu khng nn mang tnh cht m t m ch nn c s dng nh hng dn cho cc
ngn hng. AEG thng nht nh ngha nh sau: Mt khon n c coi l n xu
khi qu hn tr li v/hoc gc trn 90 ngy; hoc cc khon li cha tr t 90 ngy
tr ln c nhp gc, ti cp vn hoc chm tr theo tha thun; hoc cc khon
phi thanh ton qu hn di 90 ngy nhng c l do chc chn nghi ng v
kh nng khon vay s c thanh ton y . Ni cch khc, n xu c xc nh
trn 2 yu t: qu hn trn 90 ngy; kh nng tr n b nghi ng.
- Khi nim n xu ca y ban Basel v Gim st Ngn hng (BCBS)
BCBS khng a ra nh ngha c th v n xu. Tuy nhin, trong cc hng
dn v cc thng l chung ti nhiu quc gia v qun l ri ro tn dng, BCBS xc
nh,vic khon n b coi l khng c kh nng hon tr khi mt trong hai hoc c hai
iu kin sau xy ra: ngn hng thy ngi vay khng c kh nng tr n y khi
ngn hng cha thc hin hnh ng g c gng thu hi; ngi vay qu hn tr
n qu 90 ngy
2
. Da trn hng dn ny, n xu s bao gm ton b cc khon cho
vay qu hn 90 ngy v c du hiu ngi i vay khng tr c n.
BCBS cng cp ti cc khon vay b gim gi tr s xy ra khi kh nng thu
hi cc khon thanh ton t khon vay l khng th. Gi tr tn tht s c ghi nhn
bng cch gim tr gi tr khon vay thng qua mt khon d phng v s c phn
nh trn bo co thu nhp ca ngn hng. Nh vy li sut ca cc khon vay ny s
khng c cng dn v s ch xut hin di dng tin mt thc t nhn c.
- Chun mc K ton quc t (IAS)
Chun mc K ton quc t v ngn hng thng cp cc khon n b gim
gi tr (Impaired) thay v s dng thut ng n xu (nonperforming). Chun mc k

1
Peter Rose, 2009; Mishkin, 2010
2
Basel Committee on Banking Supervision 2002.

ton IAS 39 c khuyn co p dng mt s nc pht trin vo u nm 2005 ch
ra rng cn c bng chng khch quan xp mt khon vay c du hiu b gim gi
tr. Trong trng hp n b gim gi tr th ti sn c ghi nhn s b gim xung do
nhng tn tht do cht lng n xu gy ra.
V c bn IAS39 ch trng ti kh nng hon tr ca khon vay bt lun thi
gian qu hn cha ti 90 ngy hoc cha qu hn. Phng php nh gi kh nng tr
n ca khch hng thng l phng php phn tch dng tin tng lai chit khu
hoc xp hng khon vay ca khch hng. H thng ny c coi l chnh xc v mt
l thuyt, nhng vic p dng thc t gp nhiu kh khn. V vy, n vn ang c
y ban Chun mc k ton quc t chnh sa li trong IFRS 9.
- Khi nim n xu ca T chc Tin t Th gii (IMF)
Trong Hng dn tnh ton cc ch s lnh mnh ti chnh ti cc quc gia
(IFRS)2, IMF a ra nh ngha v n xu nh sau: mt khon vay c coi l n
xu khi qu hn thanh ton gc hoc li 90 ngy hoc hn; khi cc khon li sut
qu hn 90 ngy hoc hn c vn ha, c cu li, hoc tr hon theo tha thun;
khi cc khon thanh ton n hn di 90 ngy nhng c th nhn thy nhng du
hiu r rng cho thy ngi vay s khng th hon tr n y (ngi vay ph sn).
Sau khi khon vay c xp vo danh mc n xu, n hoc bt c khon vay thay th
no cng nn c xp vo danh mc n xu cho ti thi im phi xa n hoc thu
hi c li v gc ca khon vay hoc thu hi c khon vay thay th
3
.
T nhng nh ngha trn c thy c s tng ng trong cch nhn thc v
n xu gia cc nh ch ti chnh trn th gii. Theo , mt khon n c coi l n
xu n xut hin 1 hoc c 2 du hiu sau: Qu hn tr n gc v li; khi khch hng
vay vn b t chc tn dng (TCTD) hoc ngn hng coi l khng c kh nng tr n.
Bn cht ca n xu l mt khon tin cho vay m ch n xc nh khng th thu hi
li c v b xa s khi danh sch cc khon n phi thu ca ch n. i vi cc
ngn hng, n xu tc l cc khon tin cho khch hng vay, thng l cc doanh
nghip, m khng th thu hi li c do doanh nghip lm n thua l hoc ph
sn,.... Nhn chung, mt doanh nghip lun phi c tnh trc nhng khon n xu
trong chu k kinh doanh hin ti da vo nhng s liu n xu k trc.
N xu l ch tiu quan trng nh gi cht lng tn dng ca cc TCTD, t
c th thy c sc khe ti chnh, k nng qun tr ri ro, ca TCTD . N
xu tng cao c th dn n TCTD b thua l v gim lng tin ca ngi gi tin, nh
hng nghim trng n uy tn ca TCTD. Tnh trng ny ko di s lm TCTD b
ph sn, gy hu qu nghim trng cho nn kinh t ni chung v h thng ti chnh
ni ring. Chnh v vy, vic nhn din n xu v x l n xu l mt trong nhng
vn quan trng trong ti cu trc h thng ti chnh.
1.2. Phn loi n xu v trch lp d phng n xu

3
IMFs Compilation Guide on Financial Soundness Indicators, 2004

Phn loi n xu c hiu l qu trnh cc ngn hng xem xt cc danh mc
cho vay v a khon vay vo cc nhm khc nhau da trn ri ro v im tng
ng ca khon vay. Vic thng xuyn xem xt v phn loi n gip cc ngn hng
c th kim sot cht lng danh mc cho vay v trong trng hp cn thit, s c cc
bin php x l cc vn pht sinh trong cht lng tn dng cc danh mc cho vay.
Thng thng, cc ngn hng s dng h thng phn loi ni b, h thng phn loi
quy nh bi cc nh gim st yu cu c s dng ch yu phc v mc tiu bo
co, so snh v gim st.
Trn phng din k ton, cc khon vay nn c ghi nhn l c th b gim
gi tr v vic lp d phng l cn thit nu ngn hng khng th thu hi c c gc
v li trong thi hn hp ng. Trch lp d phng ri ro tn dng l phng php cc
ngn hng s dng ghi nhn tn tht so vi gi tr ghi nhn ban u ca khon vay.
Cc nh qun l ngn hng s nh gi c ri ro tn dng trong danh mc cho vay
da trn cc thng tin s dng phn tch. Chnh v vy trch lp d phng ri ro tn
dng l qu trnh ch yu da vo cm quan v c th c cc ngn hng s dng
vi mc ch lm gim cc khon li nhun ngn hng. Khi chi ph d phng ri ro
c tnh tr thu, vic gim li nhun c th lm cho ngn hng gim bt ngha v
v thu ca mnh. Mt khc, mt s ngn hng c th khng mun trch lp d phng
ri ro tn dng qu ln v n s nh hng tiu cc ln li nhun ca ngn hng v c
tc ca c ng.
Vic phn loi v lp d phng gy nhiu kh khn c v mt l thuyt v thc
t v cc quc gia c la chn rt a dng cho h thng phn loi v lp d phng.
Mc d c nhng im tng ng, nhng vn cha c quy nh v tiu chun quc
t thng nht c tha nhn. V d nh thut ng d phng chung v d phng c
th xut hin trong khun kh php l nhiu quc gia, nhng nh ngha v cch s
dng rt khc nhau tng quc gia. Kt qu ca s khc bit ny lm cho cc ch s
ti chnh cc quc gia khc nhau rt kh so snh chnh xc.
Qu trnh phn loi v trch lp d phng l vn nh gi ch quan, do kt
qu nh gi c th rt khc nhau gia nhng ngi nh gi nh qun l ngn hng,
kim ton bn ngoi, thanh tra ngn hng v cc quc gia. Thm vo , c s h
tng php l tng quc gia nh hng ti vic thc hin cc iu khon ca hp
ng. cc quc gia c c s h tng php l chun ho c xu hng a cc khon
vay vo din qu hn nhanh hn, ngay sau khi ngi vay khng tr c mt khon
thanh ton. cc quc gia c s h tng cha hon chnh, thi gian gia vic cha
thanh ton v thay i phn loi khon vay c th di hn.
Cch tip cn v tnh ton ti sn m bo khi phn loi cc khon vay v quyt
nh trch lp d phng cng khc nhau. Cc quc gia khng c s thng nht khi
nh gi ti sn m bo.
- Hi ng Tiu chun K ton quc t (International Accounting standards
Board) c a ra cc quy nh v nh gi ti sn v cng b thng tin, nhng cng
cha c hng dn c th v trch lp d phng.

- U ban Basel c gng a ra nhng hng dn, nguyn tc quan trng
nhm mc tiu hng ti s thng nht trong phn loi cc khon n v trch lp d
phng ri ro tn dng cc quc gia, nhng bo co khng a ra mt h thng phn
loi n thng nht hay cc quy trnh chun ho nh gi ri ro tn dng. Thm vo
, mt s khi nim c th dn n mt s cch hiu khc nhau.
- Laurin v cng s (2002) ch ra vic phn loi n kh c tiu chun k ton
thng nht. Vic tip cn phn loi n c coi nh trch nhim ca ngi qun l
hoc ch l vn bo co gim st.
Bng 1: Phn loi n v trch lp d phng ca mt s nc trn th gii
Nc
S lng
nhm n
Quy nh
d phng
Ghi ch
c 4
D phng c
th
4 nhm bao gm, cho vay khng ri ro, cho vay
c du hiu ri ro, n c du hiu khong thu
hi, n xu.
5 Khng c quy nh c th v lp d phng
Nht 5
D phng c
th
T l d phng cho 3 nhm cui ln lt l
15%, 70%, 100%
Brazil 9
D phng c
th
9 nhm a ra gm AA (0%), A (0,5%), B
(1%), C (3%), D (10%), E (30%), F (50%), G
(70%), H (100%).
M 5 Khng a ra quy nh c th
Argentina 5
D phng
chung v d
phng c th
T l d phng cho 5 nhm ln lt l 1%, 3%,
12%, 25%, 50%
c 5 Khng a ra quy nh c th v lp d phng
Trung
Quc
5
D phng
chung v d
phng c th
T l d phng cho 5 nhm ln lt l 1%, 3%,
25%, 75%, 100%
n 4
D phng
chung v d
phng c th
Chia c th lm 2 loi c bo m hoc khng
c bo m c t l d phng khc nhau v linh
hot.
Mexico 7
7 nhm c phn loi da trn ri ro quc gia,
ri ro ti chnh, ri ro ngnh v lch s thanh
ton. Nhm khng trch lp d phng A-1
(0,5%); A-2 (0,99%); B (1-20%); C-1 (20-
40%); C-2 (40-60%); D (60-90%); E (100%)
Singapore 5
D phng c
th
T l trch lp d phng cho 3 nhm cui ti
thiu ln lt l 10%, 50%, 100%
Nga 4
D phng
chung v d
phng c th
T l trch lp d phng cho 3 nhm cui ln
lt l 20%, 50%, 100%. D phng nhm 1 l
1%
Ty Ban
Nha
6
D phng
chung v d
phng c th
T l d phng chung 0,51% cn cho 3 nhm
cui l 10%, 25-100%, 100%
Ngun: Trch t s liu ca Laurin v cng s (2002)

Trong cc nc G10, M v c th c c s dng cch tip cn phn loi n
r rng. mt s quc gia khng c c ch qun l chi tit, cc nh qun l ngn
hng thng c trch nhim pht trin cc quy nh v quy trnh phn loi n ni b.
Mt quan im chung nhng quc gia ny l vai tr ca bn ngoi nh gim st
ngn hng hoc kim ton bn ngoi ch l gii hn vic a ra kin xem xt cc
quy nh y v c c thc hin ph hp v thng nht hay cha m thi. Ti
Anh cc nh gim st ngn hng khng yu cu cc ngn hng p dng mt loi hnh
phn loi n c th no. Tuy nhin, cc gim st ngn hng trng i rng ngn hng
s c quy trnh qun l ri ro tn dng ph hp, bao gm c vic nh gi khon vay
v c cp nht thng xuyn. H Lan, khng c quy nh v phn loi n, cho
php cc nh qun l ngn hng t phn loi v c xem xt nh k bi gim st
ngn hng. Php quy nh mt h thng cc yu cu ti thiu cc khon vay c
phn loi l c du hiu xu i nhng khng c chi tit hng dn c th v phn loi.
Cch tip cn tng t cng xut hin Italia, y th 5 loi n c a ra. Nhng
ch c hng dn chung chung v vic thc hin phn loi.
2. Kinh nghim quc t trong vic x l n xu
2.1. Kinh nghim x l n xu ca Hn Quc
Trong giai on t 1980 u nhng nm 1990, Hn Quc t c tng
trng kinh t rt n tng. T 1985 1995, GDP tng trng bnh qun mi nm l
9%. Tng trng kinh t dn n vic cc doanh nghip tin hnh u t qu mc.
Trong giai on t 1988 1996, mc u t trung bnh t 13,6%, cao hn so vi
mc 10,4% Singapore v 8,3% Hng Kng. Mt s doanh nghip Hn Quc
thiu s phn tch k lng gia li ch v ri ro khi tin hnh u t. Nm 1996, 20
trong s 30 tp on ln nht Hn Quc c t l chi ph vn u t ln hn t sut li
nhun. Li nhun thp nhng cho vay doanh nghip vn khng h gim, mt phn do
s tc ng ca Chnh ph Hn Quc n vic cp pht tn dng trong nn kinh t.
iu dn n nhiu ri ro mi xut hin trong lnh vc ngn hng ti Hn
Quc. Qu trnh t do ho cho php h thng ti chnh c nhiu t do hn trong khi
cha c khung php l hon thin. Cc ngn hng nc ngoi Hn Quc vay ngn
hn bng ngoi t ti tr cho cc khon vay di hn bng ni t, mt phn l ti tr
cho cc khon vay mi. Chnh s bt cn xng v thi hn v loi tin t lm suy
yu h thng ngn hng. Do , khi cuc khng hong ti chnh Chu xy ra ngay
lp tc tc ng n nn kinh t Hn Quc. Nm 1997, t l n xu trn tng d n
l 7,4%, tng ln 8,3% nm 1998. T l n trn vn ch s hu 30 tp on ln nht
vt con s 500% vo nm 1997. Li sut cao, ng ni t suy yu y phn ln
cc ngn hng v rt nhiu doanh nghip n b vc ph sn.
Trc tnh hnh , Chnh ph Hn Quc tin hnh cc hot ng can thip
mt cch nhanh chng v ton din n nh th trng. C th ni chng trnh x
l n xu ca Hn Quc t c nhng thnh cng nht nh, gp phn gii quyt
mi e do n xu v duy tr hot ng n nh ca h thng ngn hng. Trong cc
bin php x l n xu ca Hn Quc c th nhc ti cc gii php tiu biu sau y:

Mt l, hnh thnh qu cng chng v cng ty qun l ti sn Hn Quc -
Korean Asset Management Corporation (KAMCO).
- Qu cng chng
K t thng 11/1997, chnh ph Hn Quc huy ng qu cng chng vi tng
s tin l 6 t won (58 t USD) nhm thc y ti c cu doanh nghip v h thng ti
chnh. Qu cng chng c chia thnh 2 qu vi cc mc ch c bit. Mt qu
dng x l cc khon n xu (NRF) v mt qu l qu bo him tin gi (DIF).
KAMCO v hip hi bo him tin gi Hn Quc (Korea Deposit Insurance
Corporation -KDIC) pht hnh tri phiu huy ng cho qu NRF v DIF. Cc tri
phiu ny u c chnh ph bo lnh thanh ton. B Ti chnh v Kinh t, c tham
kho kin ca U ban gim st ti chnh, chu trch nhim ban hnh chnh sch v
phi hp qun l qu cng chng. KAMCO qun l NRF vi s vn huy ng l 20,5
t won v KDIC qun l DIF vi 43,5 t won. Mc ch chnh ca qu NRF l mua
li nhng khon n xu ca cc t chc ti chnh (ch yu l ngn hng) v x l
thng qua vic bn li, pht hnh chng khon c bo m bng ti sn (ABS) hoc
chng khon c bo m bng th chp (MBS), hoc cc k thut khc nh hon i
n - vn ch s hu, ti c cu n v ti ti tr cho cc cng ty gp kh khn tm thi
v ti chnh. T l thu hi ca NRF l 87,3%, ng thi NRF li s dng tin thu hi
c ny tip tc mua cc khon n xu. Tng s tin m NRF dng mua n
xu l 30 t won. Mt khc, DIF huy ng vn ti c cu vn cho cc t chc ti
chnh v thc hin thanh ton cho nhng ngi gi tin cc t chc ti chnh mt
kh nng thanh ton. DIF dng khong 48 t won cho mc ch trn. Thm vo ,
DIF cng dng tin mua li cc khon n xu, v khi DIF ng vai tr nh
KAMCO (DIF dng 4 t won mua li cc ti sn xu cc ngn hng).
- Cng ty qun l ti sn Hn Quc (KAMCO)
KAMCO ng vai tr quan trng trong vic mua li cc khon n xu t cc t
chc ti chnh c vn v bn li cho cc nh u t nc ngoi. Cng vi NRF,
KAMCO mua li cc khon n xu t cc TCTD. KAMCO phn cc ti sn m n
mua thnh 2 loi: ti sn thng thng v ti sn c bit. Ti sn thng thng l
nhng khon n xu m kh nng c thanh ton l khng chc chn. Ti sn c
bit l nhng khon n xu cho cc cng ty ang trong qu trnh ti t chc doanh
nghip, do cc khon n c c cu li vi li sut thp hn v ko di thi gian
tr n. Cc loi ti sn ny li tip tc c phn thnh cc khon vay c m bo v
khng c m bo. Sau khi mua li, KAMCO s nhm cc khon n xu ny li v
bn cho cc nh u t thng qua u gi quc t hoc KAMCO s pht hnh cc
chng khon c m bo bng ti sn da trn cc khon n xu mua. KAMCO
cng c th tch thu th chp ca cc ti sn c m bo. i khi, KAMCO nm gi
cc khon n xu v c gng ti c cu n, ti ti tr hay chuyn i n - vn ch nu
KAMCO cho rng cng ty c kh nng hi phc.

Bng 2: S liu v n xu v lng n xu KAMCO mua
Nghn t won
1997 1998 1999 2000 2001
Tng n xu (A) 97.5 146.7 128.9 157.9 133.1
Lng KAMCO mua (B)
Gi tr thc
11.1
7.1
44.0
19.4
62.2
23.9
95.2
36.8
101.2
38.7
N xu cn li (A-B)
N xu cn li/tng d n (%)
86.4
13.3
102.7
17.7
66.7
11.3
62.7
10.2
32.0
4.9
T l n xu cn li/tng n xu 88.6 70.0 51.7 39.7 24.0
Ngun: Sohn (2002)
C th thy lng n xu c KAMCO mua li tng ln qua tng nm. Tng
n xu c mua vo cui nm 2001 l 76% tng n xu, tr gi 133,1 t won. T l
n xu cn li/tng n xu ngy cng gim, t 88,6% nm 1997 xung cn 24% nm
2001, cho thy vai tr rt tch cc ca KAMCO trong vic mua v x l n xu.
n nm 2001, qu trnh x l n xu Hn Quc gn nh c hon thnh.
Bng 3: Gii quyt n xu ca KAMCO
n v tnh: Nghn t won (S liu c thc hin vo cui thng 6/2002)
Tng n xu
N xu c x l
Gi tr thu hi
u gi quc t
Pht hnh ABS
Bn cho AMC, CRC
Bn cc khon cho vay c nhn
u gi
Mua li hoc hu
Tr li t nguyn
N xu cn li
105,4 (100%)
59,8 (56,7%)
27,7
3,2
4,1
1,9
0,6
3,1
9,7
5,1
45,6 (43,3%)
Ngun: Sohn (2002)
Bng vic mua li v x l cc khon n xu, KAMCO thnh cng trong vic
x l n xu, nng cao cht lng ti sn ca cc ngn hng. T l an ton vn theo
BIS tng ng k t 7% nm 1997 ln 10,8% vo thng 3 nm 2002, ng thi t l
n xu/tng d n ca cc ngn hng gim t 16,9% vo nm 1998 xung cn 2,8%
vo nm 2001 (Sohn, 2002).
Hai l, thnh lp cc c quan lut php khc to iu kin cho qu trnh ti
c cu doanh nghip v ngnh ti chnh theo nguyn tc th trng nh cng ty ti c
cu doanh nghip. Mc d cc c quan ny khng c thnh lp vi mc ch duy

nht l x l cc khon n xu nhng khng th ph nhn chng ng vai tr quan
trng trong vic gim n xu ti cc ngn hng.
Cng ty ti c cu doanh nghip (CRC) l cng ty chuyn thc hin ti c cu
doanh nghip, hot ng tng t nh qu thu mua chng khon. c coi l
CRC, cng ty phi ng k vi B Thng mi, Cng nghip v Nng lng theo
Lut Pht trin cng nghip. Mc ch hot ng ca CRC l lm sng li nhng
doanh nghip khng c kh nng tr n. nm c quyn qun l cc cng ty ny,
CRC thng mua li c phiu v/hoc mua li n xu t cc t chc ti chnh nh
KAMCO hay KDIC.
Ba l, thc hin cc bin php h tr.
cc chnh sch v k hoch c thc hin hiu qu, chnh ph Hn Quc
a ra chnh sch u i thu quan trng vi nhng ch th trn th trng n xu.
ng thi a ra cc tiu chun cht ch v r rng. Chnh ph yu cu cc ngn hng
phi lp d phng mt vn nhiu hn cho cc khon n xu bng vic p dng cc
nguyn tc phn loi ti sn cht ch hn.
khuyn khch kh nng bn cc khon n xu, chnh ph Hn Quc ban
hnh nhng lut thu c bit, mt s t ra rt c hiu qu trong mt khong thi
gian nht nh. (1) Gim thu trn thng d vn: Thng d vn thu c t vic
chuyn i cc ti sn s hu bi cc t chc ti chnh nh KAMCO hay KDIC u
c gim 50% thu. (2) Tnh vo chi ph: Khi TCTD c s n xu nhiu hn mc d
phng mt vn, TCTD c php b phn nhiu hn vi d phng nh gi li ti
sn. Phn b c tnh vo chi ph khi tnh thu nhp chu thu ca TCTD. (3) Min
gim thu giao dch chng khon: Khi KAMCO, KDIC hay t chc ti chnh no mua
c phiu ca cc t chc ti chnh mt kh nng thanh ton t chc li t chc ny
v chuyn i lng c phiu cho bn th ba s c min gim thu.
2.2. Kinh nghim x l n xu ca Trung Quc
Khc vi cc quc gia chu khc khi n xu l kt qu ca nhng v sp
th trng ti chnh v bong bng ti sn, th nguyn nhn gy ra n xu ca Trung
Quc chnh l c ch kinh t k hoch ha tp trung, khi hot ng ca cc Ngn
hng thng mi (NHTM) Nh nc ch nh nhng c quan hnh chnh, c nhim v
cho vay theo ch nh cho cc cng ty v d n Nh nc vn lm n km hiu qu,
thm ch thua l. Nhng khon vay ny cng khng qua quy trnh phn tch tn dng
cht ch nn ri ro tn dng l iu khng trnh khi.
V th, qu trnh x l n xu Trung Quc gn trc tip vi cc bin php ci
cch c thc hin bi Chnh ph nhm chuyn i nn kinh t t c ch k hoch
ha tp trung sang c ch kinh t th trng cng nh qu trnh ti cu trc cc
DNNN v h thng ti chnh.
Qu trnh x l n xu ca Trung Quc c th chia thnh ba giai on chnh.
- Giai on th nht

Trung Quc tin hnh qu trnh ti cu trc ti chnh t gia nhng nm 1990
nhm i mi h thng ngn hng, tch cho vay chnh sch khi cho vay thng mi
bng cch thnh lp 3 ngn hng chnh sch chu trch nhim x l cc khon vay
chnh sch. Bn cnh , NHTM ca Trung Quc bt u s dng cch phn loi n
thnh 5 nhm theo cch chia ca BIS, thay v 4 nhm nh trc y, thc hin ph
duyt tn dng mt cch c lp vi t can thip hnh chnh t pha c quan nh nc.
- Giai on th hai
Thnh lp cc cng ty qun l ti sn c nh nc ti tr (AMC). Trong giai
on 1999 2003 c 4 AMC c thnh lp, mi cng ty tng ng vi mt trong s
4 NHTM Nh nc ln (chim ti 70% tng ti sn ca h thng ngn hng), nhm
gii quyt nhng khon n xu ca 4 ngn hng ny t trc nm 1996 c tng gi tr
ln ti 1,4 nghn t NDT (169 t USD), chim 19% GDP ca Trung Quc nm 1999.
Cc khon n xu c chuyn giao ti mc gi tr s sch trc tip t 4 NHTM cho
4 AMC tng ng c thc hin sut nm 1999 v 2000, v trch nhim ca 4 AMC
ny l phi x l ht cc khon n xu ny trong vng 10 nm.
Theo quy nh cc AMC c 4 phng thc huy ng vn bao gm: Vn t
B Ti chnh, khon vay c bit t NHTW Trung Quc, pht hnh tri phiu c bo
lnh ca B Ti chnh, v vay thng mi t cc nh ch ti chnh khc. Trn thc t,
thc hin mua li khon n xu khng l k trn, cc AMC phi vay ti 40% t
NHTW Trung Quc, 60% cn li c ti tr bng tri phiu ca AMC pht hnh cho
4 NHTM Nh nc.
Cc bin php x l n ca cc AMC ti Trung Quc gm:
Mt l, AMC bn, u gi v c cu li cc khon n xu, nh b tch thu, kin
tng v thanh l. Cui nm 2001, cc cuc u gi quc t n xu u tin ti Trung
Quc din ra, vi vic bn cc khon n tr gi 13 t NDT ca Huarong AMC cho
2 t chc quc t. l mt mc quan trng bi v ln u tin thng tin v gi c th
trng ca cc khon n xu c tit l mt cch ng tin cy. c bit, Huarong
AMC nhn c ti a 21% gi tr s sch ca khon n.
Hai l, chng khon ha cc khon n xu. Chng khon ha cng l mt cch
hiu qu x l n xu, bi chng to ra cc loi chng khon c ri ro khc nhau
nn c th thu ht c nhiu nh u t c khu v ri ro khc nhau v thu li
c tin mt ngay lp tc cho t chc pht hnh. Nghip v chng khon ha cc
khon n xu Trung Quc c thc hin khng ch c s tham gia ca cc AMC
m cn bi cc NHTM khc vi t l thu hi c bo co l t 10-30%.
Ba l, hon i n thnh c phn. AMC mua li cc khon n xu gi tr 405
t NDT ca 580 DNNN quy m ln v va c la chn ti 4 NHTM nh nc v
thc hin chuyn i cc khon n phi tr thnh c phn ca AMC trong cc doanh
nghip ny. Kt qu l t l trung bnh cc khon n/ti sn trong DNNN ti cu trc
gim xung t 73% nm 1999 xung di 50% nm 2000 (Ye and Zhai, 2001).

Cc AMC s tham gia vo qun tr doanh nghip, ti cu trc doanh nghip v
khi cc doanh nghip ny hot ng c li nhun tr li, cc AMC c quyn nhn c
tc v bn li c phn cho cc doanh nghip vi mc gi tha thun trc trong vng
10 nm. Hn na, cc AMC cng c u tin rt vn khi cc doanh nghip ny khi
nim yt trn th trng chng khon. y chnh l khon tin mt m cc AMC c
th thu hi c t n xu thng qua hon i n thnh c phn ti cc DNNN.
- Giai on th ba
Trung Quc tp trung vo ti cu trc cc NHTM Nh nc bng cch mi gi
s tham gia ca cc nh u t chin lc nc ngoi c chn lc v nim yt ra cng
chng nhm tng tnh minh bch v nng cao nng lc qun tr ca 4 NHTM Nh
nc ln ny.
Vi vic tch cc p dng cc bin php x l n xu, n cui nm 2004, 4
AMC ny thu hi c 675 t NDT, chim 40% gi tr n xu c chuyn giao t
nm 1999. T l thu hi tin mt ti cc AMC tnh n thng 12/2004 t khong
20%, thp hn so vi mc 49% ca Thi Lan v mc 20-30% ca Nht Bn. T l thu
hi v tc thu hi ca Trung Quc thp hn ch yu l do cht lng ti sn thp,
quy nh mua li n xu theo gi tr s sch, v thiu minh bch ti cc AMC.
Kt qu ca vic x l n xu l cht lng ti sn ti 4 NHTM Nh nc c
ci thin v tin hnh nim yt ra cng chng sau khi c ti c cu vn. Tuy nhin,
nhng khon n xu ny khng h bin mt khi h thng ti chnh Trung Quc,
chng ch c chuyn giao t t chc ny sang t chc khc, nhng nguy c tim n
gy ra cho h thng ti chnh Trung Quc khng c ngha l c gim bt.
2.3. Kinh nghim x l n xu ca Thi Lan
Khng hong ti chnh chu nm 1997 gy nhiu tc ng nng n ln h
thng ti chnh Thi Lan, c bit l khu vc ngn hng. N xu ca khu vc ngn
hng lin tc gia tng, cui nm 1997 t mc cao k lc 46% trn tng d n tn
dng to p lc cho Chnh ph phi nhanh chng a ra nhng gii php kp thi
kim sot vn ny. Trc tnh hnh , Chnh ph Thi Lan thc hin x l n
xu bng 03 gii php c bn. Cc gii php ny bao gm bm vn trc tip, AMC v
trung gian ti c cu n (Corporate Debt Restructuring Committee - CDRC), trong
AMC l mt trong nhng gii php m Thi Lan p dng kh hiu qu t thi k
khng hong cho n nay.
Qu trnh x l n xu ca Thi Lan da trn cc AMC chia thnh 2 thi k
phn tn v tp trung, trong m hnh phn tn c s tham gia ca c AMC s hu
nh nc (h tr bi Qu Pht trin cc nh ch ti chnh-FIDF) v cc AMC s hu
bi ngn hng t nhn c p dng ln lt nm 1998 v 1999; m hnh AMC tp
trung da trn s thnh lp ca Cng ty qun l Ti sn Thi Lan (Thai Asset
Management Corporation TAMC) vo nm 2001. Cc c ch AMC c nhiu im
khc nhau ngun gc t chc, iu khon v iu kin cc ti sn chuyn giao.

Bng 4: c im ca 3 c ch AMC

Phn tn v nh
hng th trng
Phn tn v nh hng
nh nc
Tp trung v nh
hng nh nc
S AMC 12 AMC hot ng
4 AMC thuc 5 ngn
hng s hu nh nc
(BAM, PAM, SAM, v
Radhanasin AMC)
TAMC
S hu Cc ngn hng t nhn FIDF B Ti chnh
Mc tiu / ng
c thnh lp
Ngun nhn lc x l n
xu cc c quan khng
v trnh s can
thip v chnh tr
Gii quyt n xu v c
cu li ngun vn ngn
hng
X l n xu, trnh cc
th tc php l v ta
n
C s hot ng
N xu ca cc ngn
hng m c chuyn
sang AMC con
FIDF m bo cc tri
phiu c pht ra
mua li n xu t cc
ngn hng nh nc
(NHNN)
TAMC pht hnh tri
phiu to ngun vn
mua n xu ca cc
TCTD. Nguyn tc
gii quyt ti sn xu
l Chia s li l gia
TAMC v cc TCTD
nh gi chuyn
giao ti sn trung
bnh (% ca gi
tr ban u hoc
gi tr s sch)
Trung bnh 53%
Khng c tiu ch la
chn v nh gi c th.
mc 33% cho BAM,
v gi thc t cho SAM
v PAM
Da trn gi tr ca ti
sn bo m (33,2%)
N xu c
chuyn (% tng
d n)
Rt nh ng k (52% cho KTB)
Tt c ti sn t mc
di chun tr xung,
vi tng gi tr l 784,4
t Baht
Ti c cu ti sn
(% n xu c
chuyn)
Ti c cu chm Khng xc nh
73,46% tnh n thng
6/2003
Li ch t vic
chuyn n xu
Khng ng k do n
xu khng tch n xu
khi bng cn i ca
cc ngn hng. Cc ngn
hng phi duy tr mc an
ton vn cho c n xu
hin c v cc AMC,
khin cho ti sn cn
p ng tng gp i
ng k v cho php cc
ngn hng p ng nhu
cu c cu li ngun vn
ng k v cc ngn
hng c th tch ti sn
xu khi bng cn i.
Li-l c chia s
theo s sp xp gia
TAMC v cc t chc
ti chnh
Ngun: Tng hp ti liu

AMC phn tn kt hp gia nh hng nh nc v nh hng th
trng
M hnh AMC phn tn c p dng theo cch mi ngn hng thnh lp AMC
ring v n xu ca cc ngn hng s c chuyn sang nhng AMC . i vi khu
vc nh nc, cc AMC sau khi thnh lp s pht hnh tri phiu (c s m bo ca
FIDF) mua n xu t cc ngn hng s hu n, tri phiu khng bn ht s c
FIDF mua li, cn n xu s c bn ra ngoi th trng cho cc nh u t trong v
ngoi nc. Nhng i vi khu vc t nhn, sau khi n xu c chuyn xung cc
AMC trc thuc theo gi th trng hoc gi tr s sch rng, ngn hng s thu cc
cng ty qun l ti sn nc ngoi thc hin qun l cc ti sn ca AMC vi mc ph
t 2 5% trn gi tr ti sn rng.
Tuy nhin, gii quyt n xu thng qua m hnh AMC phn tn khng thnh
cng khi n xu cc AMC ca ngn hng t nhn khng x l c, thm ch mc
an ton vn m cc ngn hng phi duy tr tng ln gp i. Cn cc ngn hng
ca nh nc, mc tiu ch yu ca chuyn ha ti sn l c cu li ngun vn ngn
hng ch khng trng tm vo ti a ha gi tr hon li ca cc khon n xu.
AMC tp trung theo nh hng nh nc
- C ch hot ng: Hi ng thnh vin ca TAMC bao gm y ban kim ton
v cc thnh vin bn ngoi. Ngun vn hot ng ca TAMC ch yu t pht hnh
tri phiu chim 96%, cn li 0,4% l h tr t Chnh ph. TAMC thc hin pht
hnh tri phiu c thi hn 10 nm vi s m bo ca FIDF mua n xu. Ti sn
c chuyn giao s nh gi theo gi tr ti sn bo m. Vic x l n xu s da
trn nguyn tc chia s li l gia TAMC v cc TCTD bn n. Nu n xu c th
sinh li th ngn hng bn n s c hng 80% phn li nhun, cn nu n xu to
l th ngn hng s phi chu 20% khon l y.
- Gii php x l: Hu ht n xu ca cc ngn hng chuyn sang TAMC qun
l xut pht t cc doanh nghip bt ng sn v sn xut. i vi cc khon vay c
th chp khng cn kh nng tr n, TAMC thc hin tch thu ti sn th chp v bn
thanh l hon phn vn vay da trn nguyn tc chia s li-l. i vi cc khon
vay m TAMC nhn thy cn kh nng tr n, TAMC ch ng phi hp vi cc
c quan i din cho cc khu vc kinh t a ra cc gii php khi phc li hot
ng sn xut kinh doanh ca cc khu vc , to ngun vn tr n. Cc gii php
in hnh ln lt c thc hin kh ton din theo th t u tin nh sau:
Mt l, i vi cc khon vay thuc ngnh bt ng sn: TAMC phi hp cht
ch vi C quan Nh Quc gia chn lc cc d n cn nhiu tim nng v c
quan ny s h tr pht trin v qun l bn d n; ring vn ngun vn u t cho
d n, TAMC lm vic vi hai TCTD l BankThai v Ngn hng Tit kim Chnh
ph cung cp ti chnh cho cc d n trn pht trin, hon thin v bn ra th
trng trong thi gian ngn nht c th.

Hai l, i vi cc khon n trong khu vc sn xut: TAMC tp trung gii quyt
vn n xu ca 13 nhm mc tiu ca Chnh ph, trong t trng tm vo cc
ngnh thit yu pht trin kinh t cng nh mang li nhng c hi vic lm v gi tr
kinh t cao. u tin u tin l ngnh cng nghip st thp.
Ba l, i vi cc doanh nghip vay n ang giao dch trn Sn Chng khon
Thi Lan (SET), TAMC phi hp vi SET pht trin cc k hoch ti c cu v
khi phc li gi tr c phiu mt s doanh nghip dn u ngnh, qua s c hiu
ng tch cc cho cc doanh nghip nh hn thuc ngnh .
Trong khi AMC phn tn hu nh ch x l c n xu vi t l rt nh th vi
AMC tp trung, tnh n thng 6/2003, s n xu c TAMC gii quyt l 784,4 t
Baht, t 73,46% tng s n cn x l. T l n xu ca h thng ngn hng Thi Lan
gim r rt xung 12,9% nm 2003, 10% nm 2004 v tip tc gim dn mc n
nh qua cc qu t nm 2005 n nay.
Kinh nghim x l n xu thng qua cng ty qun l ti sn AMC Thi Lan
thc s l mt bi hc hu ch cho Vit Nam trong qu trnh ti c cu h thng ngn
hng, c bit trong bi cnh n xu ang dn leo thang.
2.4. Bi hc cho Vit Nam
X l n xu ca Vit Nam phi da trn kinh nghim ca cc quc gia trn th
gii thc hin, tuy nhin, vic vn dng cc kinh nghim trn phi tnh ton n
iu kin c th ca Vit Nam trong hin nay nh: Kinh t v m cha n nh; Hot
ng cho vay phn ln da trn ti sn bo m l bt ng sn, trong khi th trng
ny cha th phc hi ngay; X l n xu khng c gy tn tht ln cho Chnh ph
v bn thn cc ngn hng. i vi Vit Nam, vic la chn, p dng phng thc
no x l n xu vn l vn cn b ng. Tuy nhin, d p dng phng thc
no th trc ht vn cn c nh gi ton din v kh nng thc hin cc bin php
ti cu trc v x l n xu. Trong cn c bit lu ti cc vn sau:
Mt l, xy dng v hon thin khung php l cho vic thc hin ti cu trc v
x l n xu. Trong c bit ch n vic hon thin c s php l cho hot ng
ca cng ty qun l ti sn v hot ng chng khon ha.
Hai l, vic ti cu trc h thng ngn hng cn c trin khai ng b vi x
l n xu bao gm nhng ni dung lin quan n kim k nh gi cc khon n, mua
bn n xu v ng ca cc ngn hng yu km, ng thi h tr thanh khon cho cc
ngn hng tt.
Ba l, pht trin th trng tri phiu, m rng u t trc tip nc ngoi vo
khu vc ngn hng. y c coi l knh huy ng vn hu hiu trong thi im
ngun lc ni ti ca ngn hng trong nc gp kh khn.
Bn l, cn xy dng mng an ton ti chnh quc gia, trong c phn nh
trch nhim v c ch phi hp hiu qu gia cc thnh vin nh NHNN, B Ti
chnh, y ban Gim st Ti chnh Quc gia v Bo him tin gi.

Nm l, xy dng v thc hin cc chnh sch h tr ca nh nc cho cc
doanh nghip, khch hng vay vn v cc TCTD,...nh h tr v thu, c ch chnh
sch, th tc php l,... trong qu trnh x l n xu.
II. Thc trng n xu ca Vit Nam
1. Khi nim v phn loi n xu Vit Nam
- Khi nim n xu ca Vit Nam
Ti Vit Nam, khi nim n xu xut hin t khi quy nh v phn loi n, trch
lp v s dng d phng x l ri ro tn dng trong hot ng ngn hng ca
TCTD ban hnh theo Quyt nh s 493/2005/Q-NHNN ngy 22/4/2005 ca Thng
c NHNN Vit Nam v c mt s sa i trong Quyt nh 18/2007/Q-NHNN
ngy 25/4/2007 ca Thng c NHNN. Theo , iu 6 ca Quyt nh 493 phn loi
n thnh 5 nhm theo phng php nh lng. Mt im ng lu , cho d c tiu
ch thi gian qu hn tr n c th phn loi n thnh 5 nhm nh trn nhng
TCTD vn c quyn ch ng t quyt nh phn loi bt k khon n no vo cc
nhm n c ri ro cao hn tng ng vi mc ri ro nu nh gi kh nng tr n
ca khch hng suy gim.
iu 7, Quyt nh 493 cho php cc TCTD c kh nng v iu kin c
thc hin phn loi n v trch lp d phng ri ro theo phng php nh tnh. Theo
phng php ny, n cng c phn loi thnh 5 nhm tng t nh cch phn loi
nh lng trong iu 6, nhng khng nht thit cn c vo s ngy qu hn cha
thanh ton n, m cn c trn h thng xp hng tn dng ni b v chnh sch d
phng ri ro ca TCTD c NHNN chp thun.
Nh vy c th hiu, ti Vit Nam n ngn hng bao gm cc khon cho vay,
ng trc, thu chi v cho thu ti chnh; cc khon chit khu, ti chit khu thng
phiu v giy t c gi khc; cc khon bao thanh ton; cc hnh thc tn dng khc.
Trong , n xu l cc khon n thuc cc nhm 3, 4, 5 bao gm n di tiu chun,
n nghi ng, n c kh nng mt vn quy nh ti iu 6 hoc iu 7 ca Quyt nh
493 v Quyt nh 18 ni trn.
Khi xem xt nh ngha n xu ca cc ngn hng Vit Nam v thng l quc t
c th thy mt nh lng thi gian tr n qu hn t 91 ngy trong nh ngha n
xu ca Vit Nam v thng l quc t l kh tng ng. D phn loi theo phng
php nh tnh hay nh lng cc khon n t nhm 3 ti nhm 5 c xp hng vo
danh mc n xu ca ngn hng.Vic cch xp loi cc nhm n cho thy Vit Nam
c s thng nht vi nhiu quc gia trn th gii (M, Nht, Singapore, Hng Kng,
Trung Quc).

Bng 5: So snh nh ngha n xu ca Vit Nam v th gii
Tiu ch IAS 39 Basel II FSIs Vit Nam
Mc tiu tnh
n xu
Hng dn lp
bo co hot
ng trong cc
giai on bo
co ti chnh,
ch ti kt
qu hot ng
Gim st v n
nh hot ng
ca h thng
ngn hng cc
quc gia, qun
l ri ro, ch
ti an ton vn.
Tnh ton chi
tiu lnh mnh
ti chnh ca
cc quc gia
Bo co hot
ng trong cc
k hot ng
vi NHNN, ch
ti li nhun
v thu d
phng phi np
C s trch lp
d phng
Thi gian qu
hn ca khon
vay hoc du
hiu khch
quan ca khon
vay khng tr
c
Thi gian qu
hn hoc du
hiu cc khon
vay khng
thanh ton, cc
mt mt c th
xy ra trong
tng lai
Thi gian qu
hn hoc du
hiu khng thu
hi c, k c
vic thay th
bng khon vay
mi
Thi gian qu
hn khon vay
l yu t ch
yu, nhiu
NHTM cha c
h thng xp
hng tn dng
ni b
Phng php
tnh v i
tng trch lp
d phng
Da trn tng
hng mc v c
cc phng
php tnh ph
hp tng hng
mc ti sn,
tnh ton theo
k bo co bng
li sut chit
khu
Tnh tng s
tin theo cng
thc chung, ch
n c vng
i ca ti sn
Khng cp Tnh chung
theo cng thc
theo k bo co
ca NHNN;
khng tnh d
phng cho cc
khon n
khoanh, cc
khon n vay
theo k hoch
ch nh ca
Chnh ph.
Ngun: Tng hp ti liu
- Trch lp d phng ti Vit Nam
Quyt nh 493 yu cu trch lp hai loi d phng l d phng c th v d
phng chung. D phng c th l loi d phng c trch lp trn c s phn loi c
th cc khon n. D phng chung c lp cho tt c cc khon n t nhm 1 cho
n nhm 4, bng 0,75 tng gi tr cc khon n. Cho d c phn loi theo phng
php no, t l trch lp d phng c th i vi cc nhm n 1, 2, 3, 4, 5 ln lt l
0%, 5%, 20%, 50% v 100%.
2. Din bin n xu ca Vit Nam
T khi i mi, h thng Ngn hng Vit Nam chuyn sang m hnh 2 cp, pht
trin nhanh chng v tng bc hi nhp quc t, pht huy vai tr knh dn vn lu
thng trong nn kinh t th trng. H thng ngn hng Vit Nam c nhng ng
gp ln vo s pht trin ca t nc vi tng gi tr ti sn t hn 2 ln so vi

GDP, trong tng vn tn dng tng ln gn 116% GDP vo cui nm 2010 v trn
102% vo cui nm 2011. Nm 2012 tng GDP tng 5,03% tng ng 138 t
USD, trong khi d n tn dng tng 8,91% tng ng 143,3 t USD, t l d n
tn dng so vi GDP l 104%.
Cng vi bc pht trin , hot ng ca h thng ngn hng cng tim n
nhiu ri ro ngy cng ln do tc ng ca cc nhn t bn ngoi nh bt n kinh t v
m, suy thoi kinh t, khng hong ti chnh th gii, th trng chng khon v th
trng bt ng sn suy gim, v cc nhn t bn trong ngn hng nh qun tr ri
ro km, quy trnh tn dng cha hon chnh, u t mo him cao, nng lc v o
c ca nhn vin cha p ng c yu cu, s hu cho, C th ni, bn cnh
nhng ri ro v li sut, hi oi, o c,. ri ro v n xu l vn nghim trng,
cn c x l hiu qu trong iu kin hin nay. Trn thc t, hot ng kinh doanh
ngn hng khng th trnh khi n xu, nhng n xu tn ti qu cao v ko di
ni hay ngoi bng u l vn nghim trng cn phi gii quyt.
- Quy m n xu ca Vit Nam
Theo tiu chun phn loi quc t, mc cnh bo n xu cn xem xt ngng
trn 3% GDP, trong khi hin mc n xu ca Vit Nam mc ng bo ng,
vt mc chun quc t rt nhiu v nguy c ln hn l trong iu kin tng trng
kinh t thp, th trng bt ng sn ng bng s lm cho n xu tng nhanh v kh
x l hn (Bng 6).
Bng 6: D n theo i tng khch hng n 02/2013
Thi gian N xu (t ng) Tng d n (t ng) T l n xu (%)
2009 45,000 1,800,000 2.50
2010 38,000 1,809,000 2.10
2011 78,000 2,363,637 3.30
03/2012 202,000 2,348,837 8.60
06/2012 256,000 2,560,000 10.00
09/2012 255,168 2,880,000 8.86
02/2013 176,208 2,936,800 6.00
Ngun: Tng hp t bo co ca NHNN
Theo bo co ca cc TCTD, n xu ca h thng ngn hng n ngy
31/5/2012 l hn 117.000 t ng, chim 4,47% so vi tng d n, n 30/6/2012 l
4,15%, tip tc tng ln khong 4,8% vo 30/09/2012. Tuy nhin, theo kt qu gim
st ca C quan Thanh tra, gim st ngn hng i vi gn 1,01 triu khch hng vay
c chn mu ca 57 TCTD Vit Nam, chim ti 90,1% tng d n tn dng ca cc
TCTD ny. Tnh n 31/3/2012 n xu l hn 202.000 t ng, chim 8,6% tng d
n (chim khong 10% GDP ca c nc nm 2011. n 30/6/2012, tng n xu
khong 256.000 t ng chim 10% tng d n. S liu ca NHNN cng cho thy,

n thi im 30/09/2012, n xu ca Vit Nam vo khong 255.168 t ng, chim
8,86% tng d n. N xu ca Vit Nam ang c xu hng gim nhanh, tnh n
28/02/2013, n xu ch cn chim 6% tng d n, c khong 176. 208 t ng. Tuy
nhin, con s n xu ny cha tnh n n tn ng xy dng c bn (ch yu ca cc
a phng) hin ang d tnh khong 90.000 t ng.
Hnh 1: Tnh hnh n xu v t l n xu ca Vit Nam t 2009 ti nay
256,000 255,168
176,208
45,000
38,000
78,000
202,000
2.50
2.10
3.30
8.60
10.00
6.00
8.86
-
50,000
100,000
150,000
200,000
250,000
300,000
2009 2010 2011 03/2012 06/2012 09/2012 02/2013
T
n
g
0.00
2.00
4.00
6.00
8.00
10.00
12.00
%
N xu (t ng) T l n xu

Ngun: Tng hp t bo co ca NHNN
Mt im ng ch l c s chnh lch kh ln v t l n xu cng b ca cc
ngun cung cp khch nhau, chng hn nh s liu n xu tng hp t cc bo co
ca cc TCTD khc xa vi s liu do C quan thanh tra Gim st ca NHNN v y
ban gim st ti chnh quc gia cng nh ca cc t chc quc t.
Hnh 2: nh gi ca cc t chc ti chnh quc t v t l n xu ca Vit Nam
4.93
8.86
6
13
15
20
3.1
3.1
0.0
5.0
10.0
15.0
20.0
25.0
2011 30/09/2012 28/2/2013
Cc t chc tn dng NHNN Fitch Ratings Baclays

Ngun: Tng hp ti liu

Theo nh gi ca Fitch Ratings tnh n thi im 30/9/2012 n xu ca Vit
Nam c khong 15% tng d n, trong khi Baclays cho rng n xu ca Vit
Nam mc 20%. S d c s sai lch trong s liu thng k n xu gia bo co ca
cc TCTD v cc c quan thng k khc. C th do cc nguyn nhn sau:
- Cc tiu ch xc nh n xu theo quy nh hin hnh c bao gm tiu ch nh
lng (thi gian qu hn, s ln c cu li thi hn tr n,) v tiu ch nh tnh
(chm im, xp hng khch hng, nh gi kh nng tr n ca khch hng,) l
ph hp vi thng l quc t. Tuy nhin, do khon n ri ro v nng lc qun tr ri
ro ca cc TCTD l khc nhau, nn vic s dng cc tiu ch nh tnh trong phn loi
n d dn n s thiu minh bch trong xc nh v ghi nhn n xu ca TCTD;
- Mt s TCTD khng thc hin ng quy nh v phn loi n, ghi nhn n xu
thp hn thc trng v quy nh gim chi ph trch lp d phng ri ro;
- Theo quy nh, nu khch hng c khon vay ti nhiu TCTD th buc TCTD
phi phn loi n vo nhm c ri ro cao hn. Nhng trong thc t, c b phn khng
nh cc TCTD c phn loi n sai khi trch lp d phng ri ro nhm lm p bo
co ti chnh nn dn n s khc nhau v nhm n ca mt khch hng c vay ti
nhiu TCTD. iu ny c th minh chng qua s liu sot xt ngn hng bao gi
cng cao hn s liu thc t, in hnh l n xu ca Ngn hng Nam Vit (trch lp
d phng thiu), Ngn hng Habubank (n xu cui nm 2011 trn bo co thng
nin l 4,42% nhng n cui thng 2/2012 ln n 16,06%).
N xu cao trong cc TCTD l vn ht sc nghim trng i vi mi quc
gia. y l h qu ca nhng yu km v qun l, iu hnh trong qu trnh pht trin
kinh t theo c ch th trng; n xu cao s l vt cn km hm, lm chm qu trnh
lun chuyn vn ca nn kinh t v tc ng tiu cc n sn xut, lu thng hng
ho. Tuy nhin, c th thy t l n xu ca Vit Nam l kh cao, song vn thp hn
so vi t l n xu ca mt s nc trong khu vc ti thi im Chnh ph phi ng
ra x l, c th: Hn Quc 17% (thng 3/1998), Thi Lan 47,7% (thng 5/1999),
Malaysia 11,4% (thng 9/1998), Indonesia 50% (nm 1999).
- C cu n xu theo ngnh kinh t
S liu ca NHNN cho thy d n ln ang tp trung vo cc ngnh nh cng
nghip (29%), ngnh dch v (27%), thng mi (20%).

Hnh 3: C cu d n ca Vit Nam
Nng nghip,
lm nghip v
thy sn
10%
Cng nghip
29%
Xy dng
9%
Thng mi
20%
Vn ti v Vin
thng
5%
Cc hot ng
dch v khc
27%

Ngun: Tng hp s liu t Bo co ca NHNN ti thi im 30/9/2012
N xu ang tp trung 5 ngnh ln bao gm: Ngnh cng nghip ch bin, ch
to (22%), Ngnh bt ng sn v dch v (19%), ngnh bun bn, sa cha t, xe
my (19%), ngnh vn ti, kho bi (11%), ngnh xy dng (10%). Ch tnh ring n
ca 5 ngnh ny trong ton nn kinh t chim ti 81% tng s n xu.
Hnh 4: C cu n xu ca Vit Nam
Bun bn, sa
cha t, xe my
19%
Vn ti, kho bi
11%
Xy dng
10%
Cng nghip ch
bin, ch to
22%
Bt ng sn v
dch v
19%
Ngnh khc
19%

Ngun: Tng hp s liu t Bo co ca NHNN ti thi im 30/9/2012
N xu tp trung cao vo bt ng sn v chng khon. y l hai lnh vc hin
thi ang c tnh thanh khon km. Bt ng sn v chng khon l 2 lnh vc nhy
cm vi s thay i v kinh t v m. V vy, vic th trng bt ng sn ng bng

trong thi gian qua v s st gim ca th trng chng khon tc ng khng nh
ti kh nng tr n cho cc khon u t vn cho hai lnh vc nu trn.
Hnh 5: D n v t l n xu trong lnh vc bt ng sn

Ngun: Trch s liu t Bo co ca B Xy dng trch dn s liu ca NHNN
D n xu trong lnh vc bt ng sn tnh n 30/10/2012 c cng b
khong 28.000 t ng, d n xu chim 13,5%. T l ny cao hn t l n xu
chung rt nhiu. Trong bo co gi Chnh ph cui 5/2013, tnh n 28/2/2013, tng
d n tn dng trong lnh vc bt ng sn l 230.615 t ng, tng 0,9 % so vi thi
im 31/12/2012. T l n xu trong lnh vc bt ng sn l 5,68%, cao hn so vi
mc 5,39% ca thi im 31/12/2012
4
.
Tuy nhin, s liu n xu ca hai khu vc ny cn cha thng nht, cp nht.
Chnh v vy, n xu trong hai lnh vc ny cn phi nh gi mt cch khch quan v
thc cht c gii php cn c, quyt nh xem c nn h tr cc doanh nghip
bt ng sn, kp thi to n by kch thch s r bng ca bt ng sn cng nh s
m ln ca th trng chng khon.
- C cu n xu theo thnh phn kinh t
Cc NHTM, TCTD Vit Nam tp trung cho vay qu nhiu vo cc DNNN,
trong khi cc n v ny u t ngoi ngnh trn lan, khng kim sot dn n tnh
trng kinh doanh khng hiu qu. y l mt trong nhng nguyn nhn chnh dn n
n xu nh hin nay. n Ti cu trc DNNN ca B Ti chnh nm 2012 nu r d
n ca 80/96 tp on, tng cng ty Nh nc n cui nm 2010 l 872.860 t ng
bng 1,6 ln vn ch s hu. Tnh n thng 9/2011 d n cho vay ca cc DNNN
ln ti cc NHTM t 415.000 t ng, tng ng gn 17% tng d n tn dng ti
cc ngn hng (n vay ca 12 tp on kinh t Nh nc ln n gn 218.740 t
ng) in hnh nh Tp on Du kh (PVN 72.300 t), in lc (EVN 62.800 t
ng), Than v khong sn (Vinacomin 19.600 t ng). Vi s liu trn, n xu

4
Bo co ca B Xy dng dn s liu ca NHNN

ca cc tp on, tng cng ty trong h thng ngn hng s chim ti 30 35% tng
d n ca khi ny.
Theo NHNN, nm 2012 cc DNNN, tp on kinh t Nh nc s dng vn tn
dng chim ti 70% tng tng s n xu. Ngoi ra theo nhiu phn tch ca cc
chuyn gia kinh t cho rng n xu ca DNNN c th ln ti 200.000 t ng. Trong
c bit lu cc tp on kinh t Nh nc chim ti 53% tng s n xu.
D n ca cc thnh phn kinh t dn doanh v cc i tng khc t 81 83%
t d n v n xu ch chim khong 30% tng s n xu. D n ca khu vc ny
hu ht u c ti sn m bo nhng tin x l rt chm. Vi thc t pht sinh
trong nhiu nm qua, nhm i tng DNNN c cho l ang chim t l n xu
cao ca h thng ngn hng. iu ny l kh hp l khi t l n xu cc NHTM nh
nc l rt cao.
Hnh 6: T n xu ca cc TCTD ti thi im 30/9/2012
NHTM Nh
nc
54.20%
NHTM c phn
26.28%
Ngn hng
nc ngoi,
ngn hng lin
doanh
5.20%
TCTD khc
14.32%

Ngun: Tng hp t s liu ca NHNN ti thi im 30/9/2012
C th ni, vi s d cho vay ln v c hng quy trnh thm nh d di,
cng thm vi hot ng kinh doanh cha hiu qu ca khi DNNN tc ng
mnh n tnh hnh n xu ca ton h thng. N xu ca nhm NHTM Nh nc
chim ti 54,2% tng n xu ca ton h thng. Trong khi t l ny cc NHTM c
phn ch vo khong 26,28%.
- T l n xu ti mt s TCTD
T l n xu ca cc NHTM trn tng s d n ca ngn hng l kh cao trong
ng ch l Ngn hng SHB n xu chim 8,53% tng d n cho vay, Bo Vit
Bank chim 5,94% tng d n cho vay, Agribank chim 5,8% tng d n cho vay.

T l n xu ca cc NHNN c th khng cao (BIDV 2,7%; Vietcombank
2,26%; Vietinbank 1,46%, Agribank 5,8%) nhng do quy m d n rt ln nn s
tuyt i l kh cao v do vy, chim phn ln d n xu ca ton nn kinh t. Theo
s liu do NHNN cng b th Agribank c t l n xu ng lo ngi nht.
Hnh 7: T l n xu ca mt s TCTD ti thi im 28/02/2013
6.00
5.80
2.70
2.26
1.46
3.00
1.89
1.20
1.85
2.50
5.94
2.56
2.77
2.61
8.53
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
A
g
r
i
b
a
n
k
B
I
D
V
V
i
e
t
c
o
m
b
a
n
k
V
i
e
t
i
n
b
a
n
k
T
e
c
h
c
o
m
b
a
n
k
S
a
c
o
m
b
a
n
k
E
x
i
m
b
a
n
k
M
B
S
H
B
A
C
B
B
a
o
v
i
e
t
b
a
n
k
M
d
b
a
n
k
K
i
e
n
l
o
n
g
b
a
n
k
D
o
n
g
A
B
a
n
k
%

Ngun: Tng hp s liu ti thi im 28/2/2013
- Thc trng ti sn m bo v trch lp d phng ri ro cho cc khon n
xu
Theo Bo co t cc NHTM v TCTD, t l n xu c ti sn m bo cao
nhng kh nng pht mi ti sn khng cao. Hin nay c khong 84% n xu c ti
sn m bo, 16% khng c ti sn m bo. Ti thi im th chp, nu xt theo gi
tr ti sn m bo trn gi tr n xu khong 135%. Ch xt ring cc khon n xu
c bo m bng bt ng sn th t l ny l 180%.
Tuy nhin, trong giai on hin nay, kh nng pht mi ti sn l khng cao. i
vi cc ti sn l bt ng sn, do s trm lng ca th trng nn gi tr ti sn thp.
Cc ti sn nh my mc, trang thit b th hu ht u mang tnh c th ngnh ngh
nn kh nng pht mi cng rt thp. i vi ti sn th chp l hng tn kho lun
chuyn cng kh c th pht mi khi m nn kinh t ang nh tr, bn thn cc doanh
nghip vi s am hiu v cc mi quan h ngnh ngh ln hn ngn hng cng khng
th bn c hng ha.
V trch lp d phng ri ro cho cc khon n xu, n cui thng 5/2012, s
tin cc TCTD trch lp d phng ri ro l khong 67.300 t ng, n ht thng
12/2012 con s ny l 78.600 t ng tng ng hn 50% n xu.

3. Nguyn nhn ca tnh trng n xu tng cao ti Vit Nam
N xu tng cao Vit Nam xut pht t nhiu nguyn nhn do nh hng ca
cuc khng hong kinh t ti chnh v suy thoi kinh t ton cu t nm 2008 n
nay, nn kinh t Vit Nam chu tc ng tiu cc v kinh t v m c nhiu yu t
khng thun li. Hot ng sn xut kinh doanh ca cc doanh nghip gp nhiu kh
khn, nhng yu km ca h thng ti chnh Vit Nam. Trong ng lu l cc
nhm nguyn nhn sau y:
- Nhm nguyn nhn t mi trng php l v hot ng ngn hng:
C th ni lnh vc hot ng ngn hng lun tim n ri ro cao v gip gim
thiu ri ro lun i hi c s hu thun ca h thng php lut. Nu h thng php
lut ng b v hon thin s to tin cho s hot ng an ton lnh mnh ca h
thng ngn hng. Cn ngc li, nu h thng php lut khng ng b, thiu tnh
kh thi th lun tim n ri ro rt cao i vi h thng ngn hng. Chnh v vai tr
quan trng ca mi trng php l, nn tt c cc nc u rt ch trng ng b ho
v hon thin cc vn bn php lut trong hot ng ngn hng.
i vi Vit Nam, mc d nhng nm qua chng ta rt ch xy dng v
tng bc hon thin cc vn bn php l v hot ng ngn hng, nhng nhn tng
th c th thy h thng vn bn php lut cha ng b, cha hon thin. Chng hn,
mt s iu lut c nhng cha c trin khai (v xit n, v pht mi ti sn, v
th chp, cm c, cc quy nh lin quan n quyn s dng t ai,...). Mt khc,
hiu lc thc thi cc vn bn php lut v hot ng ngn hng cha cao, iu ny
v ang tip tc gy ra nhng ri ro tim n ln i vi lnh vc ngn hng Vit Nam.
Bn cnh , ch trng, chnh sch ca Nh nc cn thiu tnh n nh, lm cho h
thng ngn hng phi i mt vi nguy c ri ro chnh sch, nht l cc chnh sch v
li sut, t gi, vng,... bt c lnh vc kinh doanh no trong nn kinh t u cn c s
iu tit ca nh nc thng qua cc cng c chnh sch php lut v khi tnh hnh
kinh t c s thay i th c ch chnh sch tt yu phi thay i cho ph hp, bo
m s iu tit c hiu qu ca nh nc i vi tng lnh vc hot ng kinh
doanh. Tuy vy s thay i ny cng phi minh bch trn c s phi i theo l trnh
ph hp v c th d tnh c. Nu khng p ng c hai yu cu ny th cc hot
ng kinh doanh tt yu tim n ri ro rt cao, nht l i vi hot ng ti chnh -
ngn hng vn c s nhy cm rt cao vi cc c ch chnh sch.
Mt thc t khng th khng xem xt v c s iu chnh cho ph hp, l
hin nay thay v da trn phn on cc tn hiu t cc din bin th trng, th trn
th trng ti chnh Vit Nam, c v khng t cc TCTD ang nhn vo ng thi
chnh sch a ra cc quyt nh kinh doanh. Cc chnh sch v ti chnh - tin t
cng t ra cng rn th xu th ny cng biu hin r nt hn. R rng y l iu
khng h mong i trong mt nn kinh t cn bn chuyn sang kinh doanh theo th
trng t nhiu nm nay, bi thc tin m chng ta rt ra c l iu hnh nn
kinh t theo tn hiu th trng s gip gim thiu c nhng ph tn so vi iu
hnh nng v cng c chnh sch mang tnh cht hnh chnh. Tuy vy, cn phi nhn

nhn mt thc t l trong nhng nm qua, th trng ti chnh Vit Nam ang c du
hiu cnh tranh qu mc, thiu lnh mnh, kh kim sot bng cc cng c kinh t
nn vic iu hnh bng cc cng c hnh chnh l rt cn thit. Song s hn ch cn
bn ca vic iu hnh bng cc cng c hnh chnh l rt d gy sc cho nn kinh t,
nn phi xc nh c im dng nhanh chng chuyn sang iu hnh th
trng ti chnh bng chnh cc cng c kinh t.
- Nhm nguyn nhn t ni b h thng ti chnh Vit Nam:
Tnh hnh n xu ca Vit Nam hin nay c mt phn ln nguyn nhn n t s
yu km t ni b ca cc ngn hng, TCTD. C th:
Mt l, nng lc qun tr ri ro ca cc NHTM, cc TCTD yu km.
Theo kt qu kho st nm 2012 ca Trung tm nghin cu kinh t v chnh sch
ai hc Quc gia H Ni (VERP), mi ch c 47% cc NHTM tip cn vi Basel
2 v ch c 40% cc NHTM tip cn vi Basel 3. Khun kh qun tr hin hnh
cha bo v c quyn c ng i vi tt c cc c ng. Vai tr v nhim v ca
hi ng qun tr ch tun th mt phn hoc cha tun th cc nguyn tc qun tr
ca OECD v Basel. Kt qu tnh ch s qun tr cng ty (CGI) i vi 39 ngn hng
cho thy, CGI trung bnh l 39/100 im, mc im cao nht l 60/100, mc thp nht
l 5/100. Kh nng qun tr ri ro cn yu dn n nh gi kh nng xy ra ri ro tn
dng thp hn so vi thc t cng nh kh nng ngn nga ri ro th trng v tc
nghip yu.
K t nm 2005, NHNN ban hnh nhiu quy nh v qun tr ri ro, an ton
hot ng ngn hng v qun l tn dng, c bit l quy nh v phn loi n trch
lp v d phng qun l ri ro tin dn ti cc thng l quc t. Cc tiu ch xc nh
n xu hin hnh bao gm tiu ch nh lng (nh thi gian qu hn, s ln c cu
li thi hn n,) v cc tiu ch nh tnh (nh chm im, xp hng khch hng,
nh gi kh nng tr n, C th:
- Quyt nh s 780/Q-NHNN ngy 23/4/2012 cho php cc khon n c
iu chnh k hn tr n, gia hn do do TCTD, chi nhnh ngn hng nc ngoi nh
gi hot ng sn xut kinh doanh ca khch hng c chiu hng tch cc v c kh
nng tr n tt sau khi iu chnh k hn tr n, gia hn n c gi nguyn nhm n
nh c phn loi theo quy nh trc khi iu chnh k hn tr n, gia hn n.
- Vn bn s 2871/NHNN-TD yu cu 14 ngn hng gm Agribank, BIDV,
Vietinbank, Vietcombank, ACB, Eximbank, Sacombank, Techcombank, MB, MSB,
VPBank, VIB, Seabank v SHB ch ng, tch cc thc hin cc gii php x l n
theo cc quy nh hin hnh; thc hin mua, bn n theo quy nh ti Quyt nh s
59/2006/Q-NHNN ngy 21/02/2006 ca Thng c NHNN ban hnh quy ch mua,
bn n ca TCTD trong cho php 14 ngn hng mua bn n di dng cho doanh
nghip vay v n ca cc TCTD vay ln nhau. Bn thn cc NHTM cng ch ng
x l n xu bng trch lp d phng, h tr doanh nghip v tng cng qun tr ri

ro tn dng, mua bn n thng qua cng ty mua bn n ca cc ngn hng v cng ty
mua bn n ca B Ti chnh.
Tuy nhin, do kh nng qun tr ri ro cha tng xng v vn c thc hin
theo cc bin php truyn thng, nn ri ro trong hot ng ca cc NHTM vn rt
ln. Vn cn nhiu ngn hng Vit Nam bin nghip v c cu n, vn l mt nghip
v bnh thng ca ngn hng thnh mt hnh thc gim t l n xu ca mnh do
n c cu khng c tnh vo n xu. ng thi, khng t ngn hng hn ch
phn loi n xung nhm 3 5 trnh trch lp d phng ri ro tn dng, trnh nh
hng n li nhun ca mnh.
Bn cnh , cc ngn hng cha ch trng qun tr danh mc cho vay dn n
t trng cho vay DNNN cao v ri ro hn l nhiu NHTM c phn c thnh lp
phc v mt s nhm khch hng u tin cao. y l cc doanh nghip c sn sau
hay c mi quan h mt thit vi cc c ng ln. Mc tn dng cp cho cc i
tng ny rt ln vi nhng iu kin d di y n xu tng cao, trong khi cc
quy nh gim st hu nh cha th th ti trng hp ny.
Cc ngn hng cha ch trng cng tc d bo, chy theo li nhun theo s tng
trng nng ca th trng bt ng sn v chng khon tp trung qu nhiu vn cho
nhng th trng y ri ro ny, gp phn khng nh vo vic hnh thnh bong
bng bt ng sn v chng khon. Khi cc lnh vc ny, c bit l th trng bt
ng sn ng bng v gi bt ng sn gim su ko theo n xu cho vay lnh vc
ny tng nhanh.
Hai l, cc quy nh v cng b thng tin cha y v hiu lc thi hnh thp
gy ra s thiu minh bch.
N xu khng phi mi pht sinh m n c tch ly trong mt khong thi
gian di v khi tnh hnh kinh doanh xu i k t nm 2008, c bit l trong giai on
tng trng tn dng nng, khch hng vay gp kh khn v ti chnh v hot ng
sn xut kinh doanh th nguyn nhn gy ra tnh trng n xu ngy cng r nt. N
xu tng nhanh gn y phn nh chnh sch minh bch ha v gim st vic thng k
n xu ca ngn hng, mc d NHNN v ang ch trng minh bch ha quan h
tn dng, thng tin ti chnh, nhng hu ht cc NHTM ti Vit Nam hin nay u
phn loi n da vo nh lng m thiu i phn nh tnh nh tnh hnh ti chnh,
kt qu sn xut kinh doanh ca doanh nghip. iu ny dn n vic phn loi n
khng phn nh thc cht khon n. ng thi, cc ngn hng ch xp phn n n
hn khng tr c vo n xu (nhm 3), trong khi phn cn li ca khon n vn l
n tiu chun (nhm 2).
Bn l, n xu tng cao l h qu tt yu ca qu trnh tng trng tn dng,
qu nng.
Trong khong 10 nm tr li y, mc d NHNN thng xuyn yu cu cc
NHTM phi hn ch tng trng tn dng khng qu cao, nhng thc t tng trng
vn trn 20%; nm 2007, tng trng tn dng ti 51,39%; nm 2009 l 37,7%; nm

2010 l 31,19%, cao hn rt nhiu so vi tc tng trng GDP trong khi tng
trng huy ng vn rt thp. (Hnh 8)
Hnh 8: Biu tc tng trng tn dng v GDP
5.03
51.39
23.38
8.4 8.23 8.48
6.18 5.32
6.78
5.89
7
10.9
31.19
37.73
21.4 19.2
0
10
20
30
40
50
60
2005 2006 2007 2008 2009 2010 2011 2012
Tc tng GDP Tc tng trng tn dng

Ngun: Tng cc Thng k
S pht trin nng ca h thng NHTM l nguyn nhn gia tng n xu. Mt s
ngn hng nh, nng lc qun tr tn dng yu km tm mi cch tng vn huy
ng, thc y tn dng bng cch ni lng tiu chun cho vay, cho vay d di, thiu
cc iu kin bo m cn thit,... Thc t nhng nm qua cho thy, lun c s cnh
tranh rt gay gt gia cc NHTM dnh dt th phn, c bit mt s NHTM nh,
mi c thnh lp. Cc ngn hng ny c xu hng m rng th phn tn dng bng
mi gi, b qua quy trnh tn dng, h thp tiu chun tn dng, tm cch ln trnh
hng ro kim sot ca Chnh ph. Hot ng tn dng l loi hot ng tim n ri ro
cao, nhng mt s NHTM li qu mo him trong khi nng lc v kinh nghim v
qun tr ri ro cn yu, tt yu ri ro s gia tng kh kim sot.
Ngoi ra, khe h k hn cng lm ri ro tim n ln khi c NHTM huy ng vn
ngn hn ln n 80% trong khi cho vay trung, di hn ln ti 40% tng d n
(nguyn nhn ch yu gy ra khng hong kinh t Chu 1997 1998).
Ba l, thng tin tn dng tin cy km.
Vic ra cc quyt nh kinh t v cn bn phi da trn nhng thng tin c tin
cy th cc quyt nh mi i vo cuc sng v em li hiu qu tch cc. i vi hot
ng tn dng th cng i hi thng tin phi c tin cy cao khi cc phn quyt
mi chnh xc v mi bo m c yu cu v cht lng v hiu qu. Thc t ti
Vit Nam nhng nm qua cho thy, cht lng thng tin kinh t rt km c v
chnh xc ln tnh cp nht. Trong iu kin nh vy, nu nh i ng cn b ca cc
NHTM hn ch v nng lc v trnh k ton ti chnh doanh nghip, thiu k nng

nm bt v nhy cm vi cc din bin kinh t - x hi th vic ra phn quyt tn dng
s c xu hng xa ri thc tin v t NHTM phi i din vi ri ro tn dng tim
n. Trong iu kin hin nay, khi m cc phn quyt tn dng cn bn cn phi bm
st cc quy nh li sut ca NHNN th vn ri ro tn dng cn c nh gi cha
ton din. Nhng nu cc NHTM hot ng thc s mang tnh th trng, th vi h
thng thng tin tn dng km tin cy, cc NHTM khng th nh ra cc mc li
sut chnh xc trn c s nh gi ng mc ri ro.
Bn l, hot ng thu tm, mua bn, st nhp cc cng ty sn sau, s hu cho
trong ngn hng, to ra nhng vng lun qun ca dng tin.
y cng l nhng hot ng tim n nhiu n xu nhng rt kh ch ra x l
khi tnh minh bch v gii trnh cn hn ch. Tng phng tin thanh ton M2 ca 9
thng u nm 2012 tng 12,21% nhng tn dng ch tng 2,5% trong khi chng
khon khng phi l knh c cc ngn hng quan tm k t khi c vn bn hn ch
cho vay chng khon ca NHNN; bt ng sn cng ng bng; vay tiu dng khng
c xem l knh u tin trong thi gian qua. Nh vy, phi chng n xu ang chy
lng vng gia ngn hng v cc doanh nghip c quan h mt thit? Nu th, n xu
s ngy mt phnh to v cng kh xc nh, li sut s tip tc b y ln cao, doanh
nghip sn xut kinh doanh cng kh tip cn c vn.
Nm l, cng ngh ngn hng cn nhiu bt cp so vi yu cu hot ng.
Cng ngh ngn hng lc hu, cha p ng c yu cu kinh doanh, nht l
cng tc qun tr h thng trong iu kin cc NHTM Vit Nam c s m rng ng
k v phm vi a bn hot ng ln danh mc cc dch v ngn hng v tng trng
tn dng qu nhanh. cc hot ng din ra thun li, an ton v hiu qu, rt cn c
s hu thun ca cng ngh, nht l cng ngh thng tin. Nu nh iu kin ny
khng c p ng th cng c ngha l cc NHTM cng m ra thm nhiu loi hnh
sn phm dch v, cng m ra thm nhiu mng li chi nhnh giao dch, tc tng
trng tn dng cng nhan, th ri ro s cng gia tng kh kim sot hn v khi ri
ro tim n s cng ln.
Su l, n xu cn c nguyn nhn su xa t o c ngh nghip ca mt s
cn b ngn hng v khch hng.
Kinh doanh ngn hng da trn s tin cy v mc tn nhim th o c lm
ngh nghip ngn hng khng ch cn thit m cn mang tnh bt buc. Tuy nhin, do
nhiu nguyn nhn m mt s cn b ngn hng cu kt vi khch hng che du
s tht, gian ln, c lm tri quy nh ca NHNN, ca NHTM. Mc d cha c s
liu cng b c th nhng trong tng s n xu , mt t l khng nh ny sinh t vi
phm o c ngh nghip.
- Nhm nguyn nhn t c ch x l n xu:

N xu Vit Nam tn ti t lu nhng qu trnh x l n xu li thiu hiu
qu, nguyn nhn l do c ch x l n xu cha thc s hp l, cn bc l nhiu
im hn ch. C th:
Mt l, tiu thc phn li n cha phn nh ng s n xu. Hin nay cha c
quy nh r rng v mang tnh php l buc cc TCTD phn loi n theo mc ri
ro ca tng khch hng. iu ny dn n kt qu l cng mt khon n c th phn
thnh my loi khc nhau. N l gii v sao s liu thng k v n xu khng thng
nht gia cc c quan qun l, cc t chc nghin cu. Hu qu l mt s TCTD li
dng iu chnh nhm n trch t d phng nhm tng li nhun, theo kiu
giu n, khoe li.
Hai l, vng mc trong c ch x l ti sn m bo. Ti sn m bo thng
l bt ng sn. Khi doanh nghip mt kh nng thanh ton, ngn hng c php
ng ra bn ti sn th chp thu hi n nhng theo quy nh hin hnh th khng
th sang tn bt ng sn c nu ch ti sn khng ng . Nu mang ra ta th thi
gian x l rt di, mt nhiu nm, th tc rm r, phc tp, qua nhiu khu, nhiu
cp, qu trnh bn giao ti sn chm lm cho ti sn h hng, gi tr thu hi nh hn
d kin ban u.
l cha k ti trong lnh vc bt ng sn, ngn hng cho vay ti 60% gi tr
d n, nhng ngay t khi xc nh gi tr ti sn li nng cao hn gi tr thc ca n,
do vy mc d thnh l ton b ti sn m bo cng khng thu hi c n, nh
hng khng nh ti hiu qu thu hi n qua ti sn m bo.
Ba l, v x l n xu. Trc nm 2000, cc TCTD khng c trch lp qu d
phng ri ro, do vy n xu tch t ngy cng nhiu, nhng khng c ngun b p.
to iu kin cho cc ngn hng pht trin v n nh, Chnh ph cho php cc
ngn hng thnh lp cng ty mua bn n tn ng, ng thi c chnh sch x l n
xu ring cho NHTM quc doanh v NHTM c phn. T nm 2001 tr i, cc ngn
hng c php trch lp d phng ri ro v s dng qu ny to ngun ti chnh ch
ng trong vic x l ri ro tn dng. C th nm 2001, Chnh ph cho php thnh lp
cng ty qun l n v khai thc ti sn (AMC), cho ti nay c 27 AMC trc thuc
cc NHTM. Nhng hiu qu hot ng cn rt hn ch, hot ng ca AMC ch yu
phc v cho cc ngn hng m, ch gii hn mua bn cc khon n cho khch hng
vay, do quy m vn nh, khng nng lc ti chnh v cc k nng x l n xu.
Nm 2003 Chnh ph Vit Nam thnh lp Cng ty Mua bn n Vit Nam
(DATC), nhng cho n nay DATC cng ch gii quyt c mt phn nh n xu,
kt qu cn hn ch do tim lc ti chnh ca DATC cn nh b so vi quy m n xu
ca NHTM, do cc TCTD khng mun bn, hoc che du, hoc tiu ch phn loi n
cha r rng lm cho DATC khng tip cn c n xu, do DATC hot ng theo
c ch kinh doanh (phi bo ton vn, ng thi c li nhun) trong khi mua bn n
l hot ng mo him.

Thc t DATC l doanh nghip 100% vn nh nc, nhim v chnh ca DATC
l mua x l cc khon n v tn ng ca cc DNNN nhm y mnh tin trnh
c phn ho, i mi, ti c cu v nng cao hiu qu hot ng ca cc DNNN. T
nm 2007, DATC hng hot ng vo trng tm chnh l x l n xu gn vi ti c
cu DNNN. Tuy nhin, cc trng hp n xu DTAC mua li v x l u c gi tr
khng ln v cha phi l cc trng hp phc tp, ch yu mi ch x l v ti
chnh, trong khi vic ti c cu hot ng cn hn ch. Ngoi ra, DATC cn c nhng
hn ch c bn khc. C th: Mu thun gia cc mc tiu hot ng, rt kh m bo
va x l nhanh cc khon n, va m bo li nhun; Thiu hng dn ch tit v
vai tr ca DATC trong ti c cu DNNN; Hn ch trong quy nh v s dng vn
u t ca DATC; Hn ch v quyn p dng cc bin php x l n xu; Thiu ng
lc v sc p x l n xu; Hn ch trong tip cn thng tin; Thiu khuyn khch
i vi cc nh u t chin lc.
Bn l, th trng mua bn n Vit Nam cha pht trin. N xu pht sinh cao
trong nhng nm gn y nhng th trng mua bn n li cha pht trin. C th ni,
th trng mua bn n ang trong qu trnh hnh thnh, cn kh mi m i vi ngi
bn, ngi mua v c ch vn hnh, qun l ca Nh nc. Nhu cu mua li cc
khon n ca cc cng ty cng ang gia tng, Vit Nam hin nay, bn cnh VATC,
DATC th c khong 20 cng ty qun l v khai thc ti sn do cc NHTM ng ra
thnh lp v qun l. Tuy nhin, quy m ca cc cng ty ny hu ht u rt nh
khng tng xng vi khi lng n xu Vit Nam. Thc t cho thy, k t khi
thnh lp cho n nay, DATC thc hin 118 phng n x l n vi gi tr s sch
l hn 7.400 t ng. Nh vy trung bnh mi nm, cng ty x l c 928 t ng
n. Tuy nhin, vi khon n xu ngn hng gia tng t bin nh hin nay th tc
x l ca Cng ty mua bn n quc gia phi tng vn gp nhiu ln mi p ng .
Thc t, vic mua bn n ca DNNN mi ch c DATC ca B Ti chnh thc hin
theo ch o ca Chnh ph, cn cc cng ty mua bn n ca cc thnh phn kinh t
khc khng tham gia.
- Nhm nguyn nhn n t mi trng kinh doanh v hot ng ca cc
doanh nghip:
K t cui nm 2008, nn kinh t chu nhiu tc ng tiu cc ca khng hong
ti chnh v suy thoi kinh t ton cu, sau l vn lm pht cao, suy gim tc
tng trng kinh t trong nc, do mi trng kinh doanh v hot ng ngn hng
gp nhiu kh khn lm cho cht lng tn dng suy gim v n xu tng nhanh hn
tc tng trng tn dng. N xu cao v ngy cng ln gn y phn nh m hnh
tng trng khng hp l v km hiu qu. Vic tng trng kinh t cao v da vo
vn l chnh, trong khi cng ngh, m c th l qun l khng theo kp, doanh nghip
cng vay nhiu cng kh c kh nng qun l hiu qu cc ng vn vay.
N xu tng cao cn xut pht t s kh khn trong hot ng sn xut kinh
doanh ca cc doanh nghip. C th:

- Trong 7 thng u nm 2012, s lng doanh nghip gii th, ngng hot ng
ln ti 195.200 doanh nghip, chim 29,4% s doanh nghip ng k. Trong c
30.300 doanh nghip ng ca, phn ln l doanh nghip nh v va, tng 6,4% so
vi cng k nm 2011.
- Nhiu doanh nghip hin nay c nng lc ti chnh yu, ch yu da vo vn
vay ngn hng, vn ch s hu nh v kh nng ng ph vi s thay i mi trng
kinh doanh km. V vy khi mi trng kinh doanh xu i, chnh sch kinh t v m
tht cht, li sut tng th cc doanh nghip s gp kh khn v kh nng tr n. Theo
kt qu gim st ca C quan thanh tra, gim st ngn hng, n cui thng 3/2012,
trong hn 1 triu khch hng c chn mu kho st ti 57 TCTD ca Vit Nam c
10.782 khch hng c h s n/vn ch s hu t 3 ln tr ln.
- S lm n thua l ca cc doanh nghip, nht l DNNN. C n 70% n xu l
n ca cc DNNN do y l nhm c nhiu thun li trong tip cn tn dng v chim
th phn ln trong tng d n tn dng ca ton nn kinh t. Phn n xu ln th hai
sau DNNN xut pht t mt s doanh nghip t nhn ln, trong tp trung ch yu
l cc khon vay u t bt ng sn, chng khon, u t ngoi ngnh,
- Hu ht cc doanh nghip nht l cc DNNN u c chi ph vn vay ln, thm
ch qu ln, trong khi doanh thu gim mnh so vi cng k nm trc dn n mt
cn bng v ti chnh. Nhiu n v tng li vay phi tr ln gp nhiu ln qu lng,
t l sinh li ca ti sn nh hn li sut vay, hiu qu kinh doanh thp, ti chnh km
lnh mnh, vn ch s hu nh v kh nng ng ph vi s thay i mi trng kinh
doanh hn ch, trong khi phi i din vi nhng kh khn ln ca nn kinh t trong,
ngoi nc l sc mua km, hng tn kho ln, doanh thu gim st, doanh nghip
khng c ngun tr n c gc v li. Cc khon vay ngn hng v th m tr thnh
n xu l l ng nhin.
Bng 7: Tnh hnh tn kho ti cc doanh nghip
1 2 3 4 5 6 7 8 9 10 11 12
Nm 2011
Ch s
tiu th
12,3 - 18,5 12,7 17,0 17,5 17,0 15,4 12,9 15,6 15,7 15,0
Ch s
tn kho
- - 19,8 5,0 14,6 15,9 16,0 17,8 5,5 21,1 21,5 23,0
Nm 2012
Ch s
tiu th
15,8 -17,0 0,5 3,5 3,5 3,6 5,9 6,2 6,4 5,7 3,3 3,6
Ch s
tn kho
19,3 17,4 34,9 32,1 29,4 26,0 21,0 20,8 20,4 20,3 20,9 20,1
Ngun: Tng cc Thng k, nm 2011, 2012

- Nhiu doanh nghip dng n ngn hn u t di hn. Nhiu doanh nghip
dng vn vay u t ra ngoi ngnh, c bit l u t vo bt ng sn.
- Tc ng ca bin php min, gim thu cn hn ch do hu ht cc doanh
nghip kinh doanh thua l hoc khng c li nn s tin c min gim thu khng
nhiu; Cc bin php xc tin thng mi, thu ht y t t kt qu cha cao, th
trng tiu th tip tc b thu hp, hng tn kho tng cao, nht l hng ho nng sn,
thc phm, cng nghip, vt liu xy dng,... sc mua gim mnh. Ngoi ra, cng tc
qun l th trng iu hnh gi c cc mt hng thit yu cn nhiu bt cp nh
hng n chi ph sn xut v gy kh khn cho doanh nghip trong vic h gi thnh
sn phm.
4. Tc ng ca n xu v qu trnh gii quyt n xu n nn kinh t Vit
Nam
N xu cao l ni lo ca Chnh ph, cc chuyn gia, cc NHTM cng nh ton
th dn chng bi n tc ng ln n ton b nn kinh t, lm tc nghn dng vn v
e da an ton ti chnh quc gia, nh hng tiu cc n s pht trin bn vng v
kinh t. Cc tc ng ca n xu cng nh vic gii quyt n xu ti nn kinh t c
th nhc ti nh:
Mt l, n xu ra tng to ra gnh nng ngn sch trong vn x l n xu. T
l n xu tng cao t ra mt cu hi ln l kinh ph u x l. Con s ny ln
n mc cc ngn hng khng th ng ra t x l, nn vic x l c th phi trng
cy vo ngn sch nh nc. Mc d, ngun vn x l n xu ch yu t qu d
phng ri ro ca cc TCTD v con s c th v kinh ph x l t ngn sch Nh nc
cha c a ra, nhng nhn vo d n xu cng c th c on c s nh hng
ln n ngn sch Nh nc.
Trong khi , cc ngun thu ngn sch ang ngy cng kh khn do s nh tr
ca nn kinh t. V di hn, nu vic x l n xu gy ra bi chi ngn sch s tim n
ri ro lm pht, gy bt n nn kinh t. C th ni, chnh nhng bin php s dng
ngn sch, ni lng tn dng nhng nm 2008 thc y nn kinh t l mt nhn
t gy ra lm pht cao trong nhng nm sau .
Hai l, khi n xu ra tng gy nh tr nn kinh t. Khi n xu tng, ngn hng
phi trch lp d phng ri ro, do lng vn a vo lu thng b hn ch. Nu n
xu tng qu cao ngn hng khng c php cho vay ng ngha vi dng huyt
mch ca nn kinh t b nghn li, cc thnh phn khc ca nn kinh t (doanh
nghip, h sn xut,) cng khng th tip tc kinh doanh. Trng hp Nht Bn l
mt v d, nm 2000 Nht Bn phi chu c mt thp k nh mt khng tng
trng do n xu qu cao. iu ny s gy ra nhng tc ng x hi nh tht nghip,
vic lm, an sinh x hi.
Ba l, n xu tng e da an ton hot ng ca c h thng ngn hng: Nu n
xu khng c x l kp thi, c th gy ra s v ca mt s ngn hng yu km,
khi n s c th gy ra tc ng lan truyn n c h thng ngn hng, gy mt

nim tin ca ngi dn, ca nh u t, ca doanh nghip, ca cc t chc quc t.
Nghim trng hn n c th dn n s sp ca h thng ti chnh quc gia. Hin
nay, t l vn ch s hu so vi tng d n vo khong 14% (trung bnh cho c h
thng ngn hng). Ngha l n xu ch cn tng ti 14% l h thng ngn hng c
nguy c thm ht ln v vn ch s hu.
III. Mt s gi chnh sch cho Vit Nam trong vic gii quyt n xu v thc
y qu trnh ti c cu ngn hng
1. Quan im nh hng trong vic gii quyt n xu
T kinh nghim thc t ca cc nc trn th gii cho thy gii quyt vn
n xu trong nn kinh t phi mt mt thi gian di t 5 10 nm, do vy i vi Vit
Nam cn phi c mt l trnh mang tnh chin lc c th th mi c th gii quyt tn
gc r ca vn . Tuy nhin, vic x l n xu cn phi tin hnh ngay, cng lu
th n xu cng gy ra nhng hu qu to ln cho nn kinh t.
Th nht, vic gii quyt n xu chm s dn n tnh trng cc bng cn i k
ton ca cc ngn hng vn chim t l n xu cao, ng ngha vi vic ngn hng s
khng th cho vay v cc doanh nghip khng tip cn c vn tin hnh hot
ng sn xut kinh doanh. Tnh trng ny ko di s gy nh hng xu ti s pht
trin kinh t ca t nc trong nhng nm tip theo.
Th hai, khi n xu cng ko di th cc chi ph b ra v mt hu hnh v v
hnh i vi x l n xu cng ln. V mt hu hnh l vic cc ti sn cm c ti
ngn hng s ngy cng b hao mn, h hng, gi tr v gi tr s dng s mt dn,
nu n xu c x l nhanh th cc ti sn ny s c em ra s dng nhanh chng,
to nn gi tr v gi tr thng d cho nn kinh t. V mt v hnh khi qu trnh x l
n xu ko di, dn ti h s tn nhim ca Vit Nam s kh m duy tr c mc tn
nhim nh hin nay, iu ny gy nh hng khng nh ti mi trng u t.
Th ba, t l n xu i vi lnh vc cho vay bt ng sn thng mi v bt
ng sn dn dng mc d trong cc bo co l khng tht s ln, tuy nhin c th v
l do no trong phng n kinh doanh, s tin cho vay l ra c rt vo cc lnh
vc sn xut nhng k thc li c rt vo bt ng sn hoc lnh vc phi sn xut.
Khng th c s liu thng k chnh thc trong lnh vc ny nhng c th d n cho
vay loi ny khng h nh i vi nn kinh t, tnh trng bt ng sn xung gi nh
thi gian va qua cng lm cho nhu cu i vi bt ng sn gim mnh, hng tn
kho v bt ng sn ngy cng tng ln, cc doanh nghip bt ng sn bt buc phi
lin tc h gi bn nhng vn khng th bn c, qu trnh ny din ra lin tc trong
thi gian di dn ti hin tng bn tho, tut dc khng phanh, khi dn ti tnh
trng bn tho m vn khng c ngi mua th s tin m cc doanh nghip bt ng
sn bn c cng khng th no tr c ht n gc cho ngn hng.
Th t, gii quyt n xu nhanh s ci thin c nng lc ti chnh ca cc
ngn hng, nng lc ti chnh ca cc ngn hng l tt th vic iu hnh chnh sch
tin t mi d dng v hot ng cung cp tn dng cho nn kinh t mi thc s tt.

Ti Vit Nam n xu tuy trong tm kim sot, nhng c chiu hng gia tng v
cn c x l theo cc cch thc ph hp. C th ni, Chnh ph ang i ng
hng v phng php lun ph hp l theo phng php phn tn nhm m bo
k lut ti chnh, khng gy p lc tng n chnh ph (n cng) v c bit khng ph
v chnh sch tin t.
Theo n C cu li h thng cc t chc tn dng giai on 2011-2015, cc
bin php x l n xu bao gm: nh gi li cht lng ti sn, kh nng thu hi v
gi tr ca n xu; Bn n xu c ti sn m bo cho DATC ca B Ti chnh; Bn
n xu cho cc doanh nghip khng phi t chc tn dng, cng ty mua bn n t
nhn v cng ty mua bn n ca cc NHTM; Xa n bng ngun d phng ri ro; x
l ti sn bo m thu hi n; Chuyn n thnh vn gp, c phn ca doanh nghip
vay; Cc khon n xu pht sinh khng c ti sn m bo, khng c kh nng thu
hi do thc hin cho vay theo ch o s c xa n bng ngun vn ngn sch nh
nc.
Bn cnh , n X l n xu ca h thng cc TCTD c Th tng
Chnh ph ph duyt ngy 31/5/2013 cng nu r: X l n xu ca cc TCTD nhm
to iu kin cho TCTD m rng tn dng vi li sut hp l, gp phn tho g kh
khn cho sn xut kinh doanh, thc y tng trng kinh t v n nh kinh t v m;
ci thin thanh khon v nng cao s an ton, lnh mnh, hiu qu hot ng ca cc
TCTD, th trng tin t. Phn u n 2015 x l c c bn s n xu hin
nay,.... ng thi nu ln cc nguyn tc x l n xu gm:- X l n xu phi khn
trng, quyt lit, ng thi phi bo m tnh h thng, ng b, bng nhiu bin
php, t trong tng th chng trnh ti c cu nn kinh t.
- Huy ng mi ngun lc trong x hi x l n xu ca h thng cc TCTD
v hn ch vic s dng vn ngn sch cho vic x l.
- Bo m tnh hi ho li ch ca Nh nc, TCTD v cc bn c lin quan.
Trc ht TCTD v khch hng vay phi chu trch nhim chnh v cc khon n xu
pht sinh v chia s tn tht trong vic x l n xu.
- Nh nc chu trch nhim x l cc khon n xu do cho vay cc i tng
chnh sch hoc theo ch nh ca Chnh ph. i vi cc trng hp khc, Nh nc
ch can thip trong trng hp cn thit.
- X l n xu phi cng khai, minh bch, theo nguyn tc th trng v ng
php lut.
- Kim sot n v mc an ton v khng xy ra v h thng ngn hng.
Bn cnh mc tiu v nguyn tc x l n xu, n cn nu ra cc gii php
i vi cc TCTD, cc khch hng vay vn ca TCTD, cc gii php v c ch chnh
sch,... gii quyt n xu. Nhn chung, cc bin php trn bc u c nh
hng ng n, tuy nhin cc gii php trn cn hn ch, do cha xc nh c l

trnh c th, thiu c s php l r rng cho vic x l n tn ng. Trong thi gian
ti, Chnh ph cn kin tr thc hin cc nh hng sau:
- Ngn chn nguy c tng n xu trong tng lai: Chnh ph cn hon thin th
ch i vi h thng ngn hng, TCTD. ng thi thc hin tt vic gim st, thanh
tra, kim tra cng nh thc hin vic minh bch ha, cng khai thng tin ngn
chn cc khon n xu pht trin.
- X l n xu mt cch tng th, duy tr k lut th trng v cng bng x hi:
Chnh ph rt n lc trong x l n xu trn c s khng ph v k cng, k lut
th trng. Trong thi gian qua, rt nhiu doanh nghip bt ng sn, do u c qu
mc xin c cu tr v ngh chnh sch tin t ni lng. Vic bm tin, ni tn
dng ngay lp tc lm pht s gia tng, cu bt ng sn thot ra khi kh khn,
nhng ci gi phi tr l lm pht v ngi th hng lm pht li l i a s dn
chng. Vic dng NSNN h tr cc nh u c BS mt cch qu d dng s kh
a nn kinh t v trng thi cn bng v bong bng bt ng sn v chng khon li
gia tng v l nguy c ca lm pht v n xu
- X l n xu khng gy p lc tng n Chnh ph: Kinh nghim cho thy, x
l n xu qua NSNN thng gy ra tm l li v gy bt bnh cho x hi v s cng
bng v gim k lut. Chnh ph thng s dng tri phiu x l n xu, do x
l n xu ngn hng s lm tng n Chnh ph vo thi k tip theo.
- X l n xu khng ph v chnh sch tin t: Vic ti cp vn, thng thng
gip cho NHTM thm thanh khon, nhng c th lm ph v chnh sch tin t c
lp ca NHTW. Vic NHNN kin nh vi chnh sch tin t cht ch c kim sot v
khng ni lng cc iu kin tn dng i vi cc doanh nghip tt hng tn nhim
cng m bo chnh sch tin t khng b ph v.
2. Mt s gi chnh sch nhm x l n xu v thc y qu trnh ti c
cu h thng ngn hng
2.1. V pha Chnh ph v cc c quan qun l nh nc
x l n xu, Chnh ph cn thc hin ng b nhiu gii php, v n xu
lin quan n nhiu lnh vc v cn phi thc hin quyt lit, v cng lu cng tn
km.
Mt l, thit lp h tng ti chnh vng chc. H tng ti chnh bao hm: cc
chun mc, quy tc, quy nh v k ton, kim ton, v qun tr doanh nghip; cc h
thng thanh ton; khun kh php l iu tit v gim st hot ng th trng ti
chnh ni ring,... nhm ti mc tiu h tr cho h thng ti chnh hon thnh tt vai
tr trung gian ti chnh ca mnh, bo m v tc v chi ph chu chuyn vn, v
kh nng truyn ti v phn tn ri ro ti chnh.
Mt h tng ti chnh vng mnh r rng l tin quan trng bo m cho cc
nh ch ti chnh (quan trng nht l cc NHTM) hot ng tt v cc th trng ti
chnh (bao gm th trng tin t) vn hnh tri chy. Nh , cc c quan iu tit

v gim st ti chnh - ngn hng mi c mi trng hot ng cn thit pht huy
vai tr ca mnh. Ngc li thiu mt h tng ti chnh vng chc, cc c quan
iu tit v gim st ti chnh - ngn hng d c c gng, nhng c th vn tht bi
khi thi hnh s mnh ca mnh. Khng ai khc, chnh Chnh ph v cc c quan tham
mu lin quan nh DNNN, B Ti chnh, ... phi m ng vai tr thit lp h tng
ti chnh vng mnh cho h thng TCTD c th hot ng an ton, lnh mnh v hiu
qu.
Tng cng php ch trong lnh vc tin t v hot ng ngn hng l vic cc
c quan nh nc lin quan bao gm NHNN v cc i tng b qun l cc TCTD,
chi nhnh ngn hng nc ngoi, t chc c hot ng ngn hng, mi t chc kinh t
v cng dn u phi tun th nghim cc quy nh php lut v tin t v hot ng
ngn hng.
Ghi nhn mt thc t l Vit Nam bung lng php ch mt thi gian di.
Cha bao gi hot ng tin t - ngn hng li hn lon, v t chc nh nhng nm
va qua. Tnh trng lch lut, thao tng, lng on th trng, hin tng gian di
s liu s sch v bo co,... din ra ph bin. C quan thanh tra gim st ngn hng
t ra bt lc, bung xui hay b v hiu ho. H qu l lng tin ca th trng b
v, e do khng hong ngn hng.
Hai l, Chnh ph cn r sot phn loi cc khon n c nhng bin php
thch hp. Theo , i vi nhng khon n xu c li do nguyn nhn ch quan ca
ngn hng nh thm nh d n cho vay sai, vic qun l ri ro cho vay yu km,
s dng tin i vi cc nghip v nhiu ri ro nh: y thc u t chng khon, cho
vay kinh doanh chng khon, nh gi cho vay bt ng sn l qu cao th ngn
hng phi t x l, tc l s dng qu d phng sch bng cn i k ton, bi v
ngn hng cng l mt ch th, mt php nhn trong nn kinh t, khi h a ra cc
quyt nh khng thn trng, sai st trong kinh doanh th ng nhin h phi tr gi
cho nhng vic lm ca chnh h. Nh nc bm tin gii quyt cc khon n xu
do li ca ngn hng th xt v bn cht s ly tin ng thu ca nhng doanh nghip
lm n c hiu qu v ca ngi dn gii cu cho nhng vic lm sai lm ca ngn
hng. Hn na nu bm tin cu cc ngn hng thua l do hot ng yu km ca
h, s to ra mt tin l rt xu v s cng khuyn khch cc ngn hng ny kinh
doanh mo him hn nh th s gy hu qu kh lng v sau.
Trong trng hp cc khon n xu do nguyn nhn khch quan, tc l cc ngn
hng thng mi qun tr ri ro tt, h s thm nh cho vay ng mc ch, nh
gi gi tr ti sn th chp ph hp theo gi th trng v theo quy nh php l, trong
trng hp ny Nh nc v ngn hng u phi cng nhau chp nhn thua thit i
vi cc khon n xu, Nh nc c th gnh chu cho cc doanh nghip s tin li
theo mc li sut hin nay, Nh nc s tr thay mt phn n gc hoc ton b n gc
i vi cc doanh nghip , b li cc doanh nghip phi chuyn mt phn thm ch
ton b c phn sang cho Nh nc s hu. Vic lm ny nu xt ngay thi im
hin ti cho thy Nh nc b thit thi, tuy nhin xt v lu di vn n nh,

pht trin kinh doanh cng nh v mt x hi th n li c hiu qu tt hn rt nhiu
bi l sau vi nm, kinh t v m n nh v tng trng bn vng tr li, Nh nc s
bn s c phn ny cho cc c ng khc trong nn kinh t, thu hi s tin vn m
mnh b ra.
Ba l, y nhanh qu trnh ti c cu h thng ngn hng v TCTD.
thc y qu trnh ti c cu h thng ngn hng v TCTD, Th tng Chnh
ph ban hnh Quyt nh 254/Q-TTg ngy 01/03/2012, theo c quan u mi
thc hin ti c cu l NHNN s tin hnh nh gi, xc nh thc trng hot ng,
cht lng ti sn v n xu ca cc TCTD; tin hnh nh gi v phn loi TCTD;
xy dng v trin khai phng n c cu li TCTD yu km v cc TCTD khc; tp
trung h tr thanh khon m bo kh nng chi tr ca cc TCTD; hon thnh cn
bn pht hnh c phiu ln u ra cng chng ca cc NHTM Nh nc; trin khai st
nhp, hp nht v mua li TCTD; tng vn iu l v x l n xu ca cc TCTD; c
cu li hot ng v h thng qun tr.
C th ni, x l n xu l trng tm giai on 2 ca ti c cu h thng ngn
hng. Vn t ra l lm th no cc ngn hng yu km ang gy ra nhiu rc
ri cho th trng tin t, c bit l cho vic n nh li sut, n nh thanh khon
phi c x l trit . Cch tt nht m cc nc thng lm l nu cc ngn hng
yu km qu m t h khng khc phc c, cc ngn hng khng st nhp c vi
nhau th Chnh ph phi gom h li thnh mt ngn hng ca Chnh ph, sau quc
hu ha thc thi cc chnh sch tin t n nh trong giai on ti c cu. Sau ny,
khi ngn hng n nh, pht trin ln th c th li t nhn ha, c phn ha.
Bn cnh , Chnh ph cn cho php v khuyn khch vic mua bn v st nhp
gia cc ngn hng. Mt s ngn hng c tim lc ti chnh mnh, qun tr doanh
nghip tt c th c mua li nhng ngn hng yu km (k c cc ngn hng nc
ngoi, tuy nhin vi ngn hng nc ngoi th phi khng ch t l vn nht nh).
Vic st nhp cng c th theo nh hng st nhp cc ngn hng c lnh vc hot
ng ging nhau m bo s tng thch v m hnh kinh doanh v t chc. iu
ny va gip gi li c cc ngn hng, m bo li ch v lng tin cho cc dn
chng, va ci thin nng lc qun tr ri ro cho cc ngn hng. Vic st nhp cc
ngn hng lm gia tng sc mnh ti chnh cng nh tp hp cc th mnh gia cc
ngn hng tham gia hp nht.
Bn l, vn hnh Cng ty Qun l ti sn Vit Nam (VAMC) c hiu qu. Do c
nhiu hn ch, nn DATC kh c nng lc x l tnh trng n xu cao hin nay.
Trong bi cnh , vic thnh lp VAMC x l n xu theo kinh nghim ca cc
nc chu l cn thit, do Vit Nam hin c nhiu c im tng t vo giai on
1997 - 1998. l khung php l cho h thng ngn hng cn cha hon thin, t l
n xu kh cao nn phn ln NHTM khng nng lc x l.
n thnh lp VAMC do NHNN trnh Chnh ph c xem xt, thm nh
ti nhiu cp v c thng qua ngy 31/5/2013 ti Quyt nh s 843/Q-TTg v

Ph duyt n X l n xu ca h thng cc TCTD v n Thnh lp Cng ty
Qun l ti sn ca cc TCTD Vit Nam. Mt s im chnh trong n ny l:
- VAMC do NHNN thnh lp nhm x l n xu, thc y tng trng tn dng
hp l cho nn kinh t.
- Hot ng ca VAMC l mua - bn n xu ca cc TCTD, thu hi n, i n
v x l, bn n, bn ti sn bo m.
- VAMC c vn iu l l 500 t ng, s mua li n xu bng 100% gi tr s
sch di dng tri phiu thi hn 5 nm vi li sut 0%.
- VAMC c quyn yu cu TCTD bn n xu. Nguyn tc mua n xu ca cng
ty l mua n xu ca cc TCTD theo gi tr ghi s sau khi khu tr s tin d
phng c th m TCTD trch lp cho khon n .
- VAMC s mua n xu ca TCTD theo gi tr ghi s s d n gc khch hng
vay cha tr c khu tr s tin d phng c th trch lp cha s dng cho
khon n xu v tr cho TCTD bn n bng tri phiu c bit. Khi c nhu cu v
vn, TCTD c th s dng tri phiu c bit vay ti cp vn ca NHNN Ngoi
ra, cn c nng lc ti chnh, hiu qu kinh t v iu kin th trng, VAMC mua n
xu ca TCTD theo gi tr th trng bng ngun vn khng phi tri phiu c bit
trn c s tha thun v gi tr khon n xu c nh gi li
Tuy nhin, VAMC hot ng thc s hiu qu cn ch trng vo mt s gii
php sau:
(1) VAMC cn c giao quyn lc mnh. Quyn lc ca VAMC cn c
giao c th vi ngun ngn sch nht nh, gn vi mt thi hn c th gip x l
cc khon n xu ang mc cao. Tuy nhin, cn lm r rng VAMC l cc cng ty
qun l ti sn ch khng phi l kho lu gi n xu ca h thng ti chnh.
(2) Pht trin khung php l cho th trng mua - bn v x l ti sn xu.
VAMC d dng thu hi cc khon n mua, cn xy dng v pht trin khung php
l sn sng cho mt th trng mua - bn v x l cc ti sn xu. iu ny gip trnh
trng hp khi cn p dng mt chnh sch x l n no th li gp phi nhng cn
tr v php l trong thc thi.
(3) X l n xu phi i i vi ti cu trc doanh nghip, c bit l DNNN.
Nh nguyn nhn nu trn, n xu ca ngn hng v n xu ca DNNN c
xem l hai mt ca mt ng tin. Do vy, VAMC ra i x l n xu trong h
thng ngn hng, th ng thi cng c th gii quyt c vn n xu ca cc
DNNN.
Cn phi xc nh rng VAMC khng phi a thn x l ton b n xu
ca Vit Nam, m VAMC phi gn vi x l cc ngn hng yu km, x l DNNN,
h tr th trng bt ng sn, qun l cung tin, m bo n nh v m.

Nm l, pht trin th trng mua bn n. Kinh nghim ca nhiu quc gia cho
thy mua bn n chnh l mt trong nhng bin php quan trng thot khi khng
hong. Khi x l c n xu s n nh ti chnh trong nc v nng cao sc cnh
tranh cho cc nh ch ti chnh. Nhiu nh qun l cho rng nu khng c th trng
mua bn n, th Cng ty qun l n v khai thc ti sn quc gia s tr thnh c
quyn. M c quyn th s dn n hng lot vn v tnh minh bch, vn li
ch nhm, hiu qu hot ng, tiu cc,
Vic pht trin hot ng th trng mua bn n l hng i tch cc bi n xu
cng l mt hng ha, y l cch thc to ra mt h tng trong x hi c iu
kin ng ph vi khng hong n xu trong tng lai. pht trin th trng mua
bn n, y c 2 cp th trng, s cp v th cp: S cp l trc tip giao dch
gia mt bn l TCTD v cc t chc x l n; th cp l mua bn gia cc nh u
t vi nhau trn th trng th cp. 2 phm tr khc hn nhau v c ch chnh sch
thc y th trng cng khc nhau.
Vic x l n xu Vit Nam nn kt hp m hnh x l n xu tp trung v
pht trin th trng mua bn n lm sao x hi ha ngun cu trong u t n xu
ca Vit Nam. Nh nc cng cn c c ch cy gy v c c rt pht trin th
trng mua bn n s cp. Bi nu khng c ch ti ca NHNN p cc TCTD phi
c trch nhim hn trong x l n xu, h vn n xu t t x l, mt 7-10 nm
mi xong. Th d, NHNN c th a ra quy nh trong vng bao nhiu nm ,
NHTM khng gim c t l n xu th khng c m rng hot ng, yu cu
trch lp d phng trn 100%. Thc t c nhng quc gia yu cu trch lp d phng
150-250%. Gn y, NHNN cng c ng thi nht nh nh khng cho NHTM tr
c tc nu khng trch d phng ri ro.
Ti Vit Nam, th trng mua bn n hnh thnh, trc ht cn pht trin cc
cng ty chuyn mua bn n v ti sn tn ng ca cc thnh phn kinh t. Th n,
phi c h thng php lut, c ch chnh sch v m to hnh lang cho th trng vn
hnh tri chy nh nhng th trng khc.
Su l, tng cng hiu qu, hiu lc cng tc thanh tra, gim st ngn hng
cc TCTD tun th ng cc quy tc v hot ng ngn hng c bit l quy nh v
cp tn dng, phn loi n, trch lp v s dng d phng ri ro v quy nh v an
ton tn dng.Trn thc t, cc NHTM xy dng h thng qun l ri ro nhng
mi bc ban u. c h thng qun l ri ro bi bn v chc chn, cn c nhiu
thi gian v tun th cc nguyn tc qun tr ri ro ca Basel 2 i hi chi ph kh
cao th NHNN cn phi xy dng cc tiu ch nh gi c cc chnh sch v quy
trnh qun l ri ro do cc NHTM xy dng ph hp vi quy m v mc phc tp
ca tng NHTM; tng bc chun ha cc quy trnh nhm nhn dng, o lng v
kim tra, kim sot cc loi ri ro.
By l, tranh th s ng h ca cc nh ch ti chnh v to iu kin cho cc
nh u t trong v ngoi nc tham gia vo qu trnh x l n xu. Tham vn kinh
nghim ca cc nh ch ti chnh ln (WB, IMF,) trong qu trnh ci cch h thng

ti chnh, ngn hng, ng thi tranh th ngun vn ca cc t chc thc hin vic
x l n xu.
Tm l, tng cng gim st hot ng ca DNNN. Chnh ph cn ban hnh quy
ch gim st vi cc mc tiu nh gi thc trng ti chnh cng nh xem xt nhng
ri ro v mt ti chnh v a ra nhng cnh bo t pha c quan qun l nh nc
cng nh nhng bin php m bn thn doanh nghip ngn nga ri ro, m
bo ti chnh c lnh mnh v kinh doanh c hiu qu.
y mnh ti c cu DNNN, khc phc nhng yu km ca h thng DNNN
hn ch nhng tn tht m h thng ny c th gy ra cho nn kinh t; khng tip tc
gia c hay dn thm ngun lc cho khu vc ny, m iu chnh cc ngun lc
c phn b n cc khu vc c nng sut cao hn, hng n to ra mt th trng
hiu qu hn, nhm gip cc khu vc kinh t nng ng c iu kin pht trin ti u.
Chnh ph cn c cc bin php hn ch cc Tp on kinh t Nh nc, cc
DNNN vn sang cc lnh vc khc, c bit l lnh vc ti chnh v bt ng sn.
Vit Nam c th p dng cc gii php m Hn Quc tng p dng thnh cng
trong nhng nm 1997 2000 l quy nh mt t l % nht nh s c phn m
mt cng ty phi ti chnh c php nm gi trong mt ngn hng. Hn Quc hin
nay con s ny l 4%. Bn cnh , cn phi nng cao hiu qu u t cng v u t
cng cn phi c tc ng lan ta h tr u t t nhn.
Chn l, phc hi th trng bt ng sn v chng khon. y l gii php rt
quan trng, nu khng phc hi c 2 th trng ny th vic x l n xu s gp
kh khn ln v phi tn km nhiu chi ph. cc nc t bn, ngi ta khng c
nhng kh khn v th tc hnh chnh, thu kha th phc hi da ch yu vo chnh
sch tin t, tc l k hn cho vay vi nhng ngi mua nh v h li sut cho vay
xung. Cn phi c b gii php cu th trng bt ng sn ( phn khc cao cp
cn phi gim cung, khng cp php mi, rt php ch u t thiu tim lc, thc
hin nhiu bin php kch cu phn khc nh x hi hay dnh cho cc i tng
c thu nhp thp, ci thin mnh m th tc php l; c bit lu phn ti sn m
bo l bt ng sn, khuyn khch M&A chuyn nhng d n.
Mi l, tip tc thc hin cc chnh sch n nh kinh t v m, kim ch lm
pht v ti cu trc nn kinh t t chiu rng sang chiu su nhm to iu kin pht
trin kinh t - x hi bn vng, qua hn ch tc tng n xu v nng cao cht
lng tn dng.
Cui cng NHNN cn nhanh chng hon thin khung php l cc ngn hng
c cn c thc hin xp hng tn dng ni b, hng theo thng l quc t, song song
vi vic xy dng, hon thin xp hng tn dng ni b, cn c chnh sch pht trin
cc n v xp hng tn dng c lp lm c s tham chiu chung. Kinh nghim ca
nhiu nc trong khu vc cho thy, vic pht trin cc t chc xp hng tn dng
khng do Nh nc qun l hn ch vic chi phi ca t chc hay c nhn lm sai
lch kt qu xp hng l rt quan trng trong hot ng tn dng ngn hng.

Nhanh chng x l nhng bt n trong ni ti ca mt s ngn hng, gim st
dng tin lun chuyn trong ni b ngn hng. y l mt trong nhng nguyn nhn
c bn lm h thng ngn hng lun bt n v v tch t ri ro h thng ln. Khi gim
st c dng vn ra khi vng lun qun bi mt s ngn hng, n xu ca cc
NHTM c iu kin c x l, im nghn v vn s c khc phc, vic tip cn
vn ca doanh nghip s d dng hn.
Phi c bin php quyt lit xc nh s thc v quy m v c cu ca n xu
hin nay, t s liu ny mi c th p dng cc gii php c th cho tng TCTD. X
l nghim hnh vi che du n xu. ng thi sa i, b sung v cch phn loi n,
trch lp s dng d phng x l ri ro tn dng.
i vi nhng TCTD c quy m ln, nh hng nhiu ti s an ton ca c h
thng cng nh nn kinh t v an sinh x hi, c kh nng pht trin tip, sau khi t
gii quyt n xu vn cn mc cao s c NHNN bm vn h tr, di hnh
thc b vn nhng li c hng li sut c nh v ngn hng s rt vn v khi
TCTD phc hi.
2.2. V pha cc NHTM v TCTD
N xu l vn khng th x l ngay c m phi c l trnh c th, lu di.
Trc mt cc TCTD phi ch ng t x l n xu thng qua vic nng cao cht
lng qun tr iu hnh, kim ton ni b, pht trin h thng qun tr ri ro v cc
chin lc pht trin kinh doanh, th tc cp tn dng theo hng lnh mnh, thn
trng. Bn cnh , cc ngn hng v TCTD cn ch ng phi hp vi khch hng
vay vn c cu li n, gin thi gian tr n v xem xt gim li sut mt cch hp
l nhm gip cc doanh nghip tiu th c sn phm v gii quyt nhng kh khn
nht thi trong hot ng kinh doanh. Vic ny c th khin li nhun ca cc doanh
nghip gim trong ngn hn nhng i li khi doanh nghip phc hi s tc ng tch
cc tr li i vi cc TCTD v b p bng li nhun trong tng lai.
x l n xu v phng nga, hn ch n xu gia tng trong tng lai, n
X l n xu ca h thng cc TCTD nu r cc TCTD cn ch ng trin khai 10
gii php: nh gi li cht lng v kh nng thu hi ca cc khon n c bin
php x l thch hp; tng cng trch lp v s dng d phng ri ro x l n
xu; tip tc c cu li n; tip tc h tr vn khch hng khc phc kh khn v
phc hi; b sung, hon thin h s php l ti sn bo m; thu n v x l ti sn
bo m; hon i n thnh vn; bn n xu cho DATC thuc B Ti chnh; kim
sot cht ch v gim chi ph hot ng; hn ch n xu pht sinh trong tng lai.
Tuy nhin, cc bin php trn thc hin c hiu qu, cc TCTD cn thc hin
tt cc cng vic sau y:
Mt l, phn loi n xu c bin php x l ring ph hp. N xu cc
TCTD chnh l n khng c kh nng chi tr ca khch hng m phn ln l doanh
nghip, n xu nm trng mng li n ca cc doanh nghip, mi doanh nghip
ang n ngn hng li nm trong mng li n ln nhau. Do nu x l khng kho

s gy s sp dy chuyn. V th, cn phi c gii php c th cho tng loi n
xu, tng loi doanh nghip m bo x l tt n xu. Bn cnh , khch hng
vay vn cng phi t cng c, chn chnh hot ng, nng cao nng lc ti chnh,
qun tr, tng cng ng dng cng ngh v kh nng cnh tranh, c cu li n, tho
g kh khn sn xut kinh doanh, c bit l cc DNNN, y mnh thoi vn u t
ngoi ngnh ca cc doanh nghip.
Hai l, cc TCTD cn tng cng trch lp v s dng d phng ri ro x l
n xu theo quy nh ca php lut. Vic b sung vn d phng s to iu kin cho
cc ngn hng mnh tay i n, c thi gian thanh l ti sn th chp mc gi hp
l, to nn ngun thu cho nhng nm sau.
Ba l, chng khon ha cc khon n kh i. Vic chng khon ha c thc
hin theo cc phng php c th: Vi cc doanh nghip c lch s qun tr kinh
doanh tt, ang gp kh khn v ngha v tr n gc do tnh hnh kinh t kh khn, do
cc d n u t ang trin khai cha i vo hot ng, th c th chuyn mt phn
n gc thnh tri phiu trung hn, nhm h tr thanh khon v gip cc doanh nghip
tn ti pht trin. Chuyn n qu hn, n xu thnh c phn v chuyn v th cc ngn
hng ang l ch n thnh c ng ln, c ng nm a s c phn nu nhn thy sau
ti cu trc doanh nghip c kh nng tn ti v pht trin.
y l hnh thc x l kh ph bin theo thng l quc t. i vi Vit Nam, t
trc ti nay c rt nhiu trng hp thnh cng khng nhng cu c doanh
nghip khi nguy c gii th ph sn m cn bo ton c ngun vn ca cc
NHTM. Tuy nhin, tin trnh chng khon ha c thnh cng, cc NHTM cn
tch cc nng cao tnh cng ng, phi hp cng nhau x l n xu. Cc NHTM
cn tch cc s dng cc cng ty con ca mnh nh cng ty qun l mua bn n, cng
ty chng khon, cng ty qun l qu tham gia ch ng tch cc v tin trnh chng
khon ha.
Bn l, minh bch ha h thng thng tin. thc hin tt vic minh bch ha
thng tin, trnh tnh trng cc ngn hng v mun lm p con s cng b thu ht
khch hng m c th dn n tnh trng gian ln, cng b thng tin khng chnh xc
theo hng c li cho mnh, cn phi c mt t chc c lp, c vai tr khai thc
thng tin, kim nh, kim sot thng tin t pha cc NHTM. Ngoi ra, nhm to iu
kin thun li cho vic gim st lnh vc ti chnh, tng tnh minh bch v n nh ca
h thng ti chnh, cng nh tng cng k lut th trng, NHNN cng trin khai v
thc hin nghim tc, cht ch B ch s lnh mnh ti chnh (Financial Soundness
Indicators: FSIs) do Qu Tin t Quc t xy dng v ph bin.
Nm l, cc ngn hng, TCTD cn hon thin c ch qun tr ni b, m bo
ch c nhng ngi c thm quyn v c trch nhim trong ngn hng mi c ra
cc quyt nh v c s gim st cht ch o bo khng c xung t li ch, thng
ng v li ch nhm.
2.3. Gii php t pha cc khch hng vay vn ca TCTD

Khch hng vay vn phi t cng c, chn chnh hot ng, nng cao nng lc
ti chnh, qun tr, tng cng cng ngh v kh nng cnh tranh; ch ng, tch cc
phi hp vi cc TCTD xy dng v trin khai cc phng n c cu li n, tho g
kh khn sn xut kinh doanh; ch ng pht trin th trng, tiu th hng ho, y
mnh xut khu; tham gia tch cc vo cc chng trnh, gii php h tr doanh
nghip do Chnh ph, cc B, ngnh v a phng trin khai.
Bn cnh , cc doanh nghip cn nng cao hiu qu kinh doanh, m bo c
cu vn hp l, b tr vn ng nguyn tc, s dng vn c hiu qu, n nh lng
tin mt cn thit cho cn cn thanh ton, cn i h s vn vay trn vn ch s hu
khng vt qu trung bnh ca ngnh, thng xuyn nh gi thc trng ti chnh
doanh nghip thng qua cc t s ti chnh c trng a ra kin ngh cnh bo v
tnh hnh ti chnh l gii php trc mt cng nh lu di x l v ngn nga n xu.

BAD DEBT SETTLEMENT - CRITICAL ISSUES IN BANK
RESTRUCTURING IN VIETNAM
I. Analytical framework overview
1. Theoretical consideration
1.1. Concept
A bad debt or non-performing loan (NPL) can be understood as a loan which the
creditor finds difficult or impossible to recover. For banks, bad debt refers to an
amount of money given to a borrower, usually firms, which are difficult to recover for
a variety of reasons, including business losses or bankruptcy. It is generally agreed
that a debt is considered a bad debt for one or both of the following reasons: (i)
overdue interest and/or principal; and (ii), the credit institution considers that the
borrower does not have the ability to pay the debt. In Vietnam, bad debts are defined
to include substandard debts, doubtful debts and uncollectible debts.
1.2. Bad debt classification and provisioning
NPL classification is the process of reviewing loan portfolios and classifying
loans to relevant groups based on the similarities and risks of the loans. The regular
review and classification of bank loans can help control the quality of the loan
portfolio and, where necessary, measures may be taken to handle problems arising. In
accounting terms, loans are recognized to be impaired and the setting up of risk
provisions are necessary if banks are unable to recover the principal and interest
within the contract period. Loan classification and provisioning are difficult both in
theory and practice, and countries differ in their selection of NPL classification
provisioning.
2. International experience in NPL settlement
2.1. Koreas experience
The impressive economic performance of South Korea during the period from
1980 to early 1990s resulted in excessive investment in business. In the 1988 - 1996
period, investment growth averaged 13.6% per annum. In 1996, 20 out of 30 major
corporations experienced that the rate of investment cost was greater than the rate of
return. Despite low profitability, business loans did not decrease, partly owing to the
Korean governments allocation of credit in the economy. With regard to the banking
sector, risks were even greater. The process of liberalization had resulted in a greater
level of freedom in the financial system in the absence of a coherent legal framework,
leading to more risks in the banking sector. In 1997, the ratio of NPL to the total
outstanding debts was 7.4% and this number increased to 8.3% in 1998. The ratio of
debt on equity in the 30 largest corporations reached 500% in 1997. To cope with this
situation, the Korean government took a series of active interventions to stabilize
markets. Measures to handle NPLs were effectively implemented which contributed
to tackling bad debts and promoting economic growth. Typical solutions included the

mobilization of the Public Fund and reorganization of Korean Asset Management
Corporation - KAMCO as well as enhancement of law enforcement agencies to
facilitate the process of restructuring of firms and financial sector in accordance with
market rules.
2.2. Chinas experience
The process of handling NPLs in China was directly related to the reform
measures to transform the economy from a centrally planned system to a market
economy mechanism. This consisted of three main stages: (i) financial restructuring
toward reforming the banking system, separating policy lending from commercial
loans, classifying debts into 5 groups, instead of the former 4 groups, applying an
independent approval of credit with less administrative interference from state bodies;
(ii) establishment of Asset Management Companies for execution of the sale or
auction, restructuring bad debts, securitization of bad debts, and debt-for-equity swap,
etc.; and (iii) restructuring state-owned commercial banks, inviting the participation of
selected foreign strategic investors and public listing to increase transparency and
improve governance capacity of the four largest state-owned commercial banks.
2.3. Thailands experience
The Asian financial crisis in 1997 had a severe impact on Thailand's financial
system. NPLs increased continuously and reached a record high of 46% of the
outstanding loans in late 1997, putting great pressure on the Government to address
this problem. The settlement of bad debts in Thailand was implemented though three
major solutions, including: (i) direct capital injection; (ii) Asset Management
Company (AMC); and (iii) The Corporate Debt Restructuring Committee.
2.4. Lessons learned for Vietnam
The settlement of bad debts in Vietnam may draw on the experiences learned of
other countries, taking into account specific conditions of Vietnam. In the current
context, the macroeconomic environment is not really stable; lending activity is
largely based on real estate as collateral in a situation where the real estate market is
unable to recover in the short-to-medium term.
II. Status of Vietnam's bad debts
1. Concept and classification of bad debt in Vietnam
Bank debts in Vietnam include (i) Loans, advances, overdrafts and financial
leases; (ii) Discounts, rediscounts of commercial papers and other valuable papers;
(iii) Factoring amounts; and (iv) Other forms of credit facilities. Bad debts are defined
to include debts that belong to (i) Group 3 - substandard debts; (ii) Group 4 - doubtful
debts; and (iii) Group 5 - uncollectible debts as stipulated in Decision 493/2005/QD-
NHNN dated 22 April 2005, amended by Decision No.18/2007/QD-NHNN dated 25
April 2007, of the Governor of the State Bank of Vietnam.

Credit institutions must undertake two types of provisioning, including general
provisioning and specific provisioning. General provisions are established and
maintained at a level equal to 0.75% of the total value of debts from Group 1 to Group
4. The specific provisioning ratio for 5 groups of debts is as follow: Group 1: 0%;
Group 2: 5%; Group 3: 20%; Group 4: 50%; and Group 5: 100%.
2. Situation of bad debts in Vietnam
The scale of bad debt: According to State Bank of Vietnam (SBV), as of
30/09/2012, Vietnam's bad debts reached about 255,168 billion dong, accounting for
8.86% of total outstanding loans. As of 28/02/2013, bad debts also accounted for 6%
of total outstanding loans, estimated at about 176,208 billion dong. Another
noteworthy point is that there are large variations in the rate of bad debts claimed by
different organizations: as of 30/09/2012, Fitch Ratings estimated that NPLs
accounted for about 15% of total outstanding loans, while Baclays estimated that the
percentage was 20%.
Bad debt structure by industries: major outstanding loans are focused on
industry (29%), services (27%), and trade (20%). NPLs are concentrated in five major
sectors, including: processing and manufacturing (22%); real estate and services
(19%); sales and auto and motorcycle repair (19%); transportation and warehousing
(11%), and construction (10%).
Bad debt structure by ownership: commercial banks and credit institutions in
Vietnam have focused excessively on lending to SOEs, at a time when these
economic units have not been operating efficiently. According to SBV, SOEs and the
state economic groups accounted for 70% of total NPLs in 2012. The sub-total
outstanding loans of other economic sectors accounted for 81-83% of total
outstanding loans and their NPLs just accounted for about 30% of total NPLs.
NPLs of some credit institutions: The ratio of NPLs of commercial banks to
total outstanding loans is relatively high Typically, SHB has an NPL ratio of 8.53% of
total outstanding loans, BaoViet Bank 5.94% and Agribank 5.8%. The NPL ratios of
the state-owned commercial banks are not as high - BIDV with 2.7%; Vietcombank
2.26%; Vietinbank 1.46%, and Agribank 5.8%). But the absolute value of the total
outstanding loans of the state-owned commercial banks is relatively large. As such,
their NPLs account for most of the bad debts of the whole economy.
Status of collateral and risk provisioning for bad debts: About 84% of bad
debts accompany collateral; 16% do not. As of the end of May 2012, the amount of
provision for credit risks was roughly 67,300 billion dong. As of the end of December
2012, it was 78,600 billion dong, equivalent to more than 50% of bad debts.
3. Reasons for high bad debts in Vietnam
First, incomplete and ineffective legal environment of banking operations:
Overall, the system of laws governing banking operations is inconsistent and

incomplete. For example, some available rules have not yet been enforced (e.g.,
regulations relating to foreclosure, the sale of the property, mortgage, land use rights,
etc.). Moreover, the enforcement of legislation remained weak, and this has continued
to cause high risks for the banking sector in Vietnam.
- Second, internal dynamics of the financial system: Risk management
capabilities of commercial banks and credit institutions are weak; Regulations on
information disclosure are incomplete and less effective, resulting in a lack of
transparency; Credit growth is overheating; The poor reliability of credit information,
plus with uncontrolled M&A activities among businesses and cross-ownership of
banks have created a vicious circle of cash flow; and banking technology remains
insufficient.
- Third, inefficient NPL settlement mechanisms: The process of handling NPLs
remains inefficient because the bad debt settlement mechanism is not appropriate to
the task and contains many weaknesses. The classification criteria of bad debts do not
reflect the true amount of bad debts. A lot of problems remain in the mechanism for
handling collateral and the market for buying and selling bad debts remains
undeveloped.
- Fourth, unfavorable business environment and business operations: Since
late 2008, the economy has suffered a number of the negative impacts of the global
financial crisis and economic slowdown, including high inflation, declining economic
growth, substantial difficulty in production and business activities of enterprises and a
loss of business confidence. This unfavorable business and environment has had a
severe impact on banking operations, has reduced credit quality and increased bad
debts.
4. Impacts of bad debts
The debt situation has seriously concerned the Government, specialists, credit
institutions, and the general public owing to its serious impact on the economy in
relation to blocking capital flows, threatening national financial security and causing
economic stagnation. It has also adversely affected sustainable development and has
created fiscal burdens in the handling of the problem.
III. Some Policy Implications for Vietnam in resolving bad debts and
accelerating bank restructuring
1. Policy orientations in managing bad debts
The practical experience of other countries shows that it takes a long time to
solve the problem of bad debt in the economy. As such, Vietnam needs to work out a
clear strategic roadmap. The government is now on the right track in dealing with the
problem of bad debt. However, available solutions remain limited, owing to the lack
of a clear strategic roadmap and a clear legal framework for settlement of bad debts.
In the future, the Government will need to continue in its determination to handle bad

debts through the following orientations: (i) prevention of increases in bad debts, in
which, it is necessary to improve the institution of the credit system; and at the same
time to strictly implement activities of monitoring, inspection, testing, transparency
and disclosure of information to prevent development of bad debts; (ii) dealing with
bad debts in a comprehensive manner together with maintaining market discipline
and social equity: the settlement of bad debts must be in line with market discipline.
In this aspect, it is noted that uncontrolled money supply increases and credit easing
will cause increased inflation, resulting in a costly price for the economy. The use of
state budget to rescue the real estate and stock markets will make difficult for the
economy to move in equilibrium because of rising bubbles and risk of bad debt; (iii)
handling bad debts in a way that does not cause pressure on public debt: the
Government will not use state budget to deal with bad debts because it will increase
public debt in the next period; and (iv) settlement of bad debts in a way that does not
affect monetary policy: the Government will need to maintain the controlled tight
monetary policy and will not loosen credit conditions for businesses with downgraded
credit ratings to ensure that the monetary policy is not broken.
2. Some policy recommendations to handle bad debts and accelerate the
banking restructuring system
2.1. For government and state bodies
To handle bad debts, the Government will needs to carry out a series of
comprehensive solutions, focusing on the following:
- Establish a solid financial infrastructure. Financial infrastructure includes:
standards, rules, regulations on accounting, auditing, corporate governance, payment
systems, legal frameworks regulating and monitoring the financial markets in
particular, etc., aimed at supporting the financial system to fulfill the role of financial
intermediary, ensuring the velocity and cost of capital mobility and the ability to
transmit and disperse financial risk. A strong financial infrastructure is an important
prerequisite to ensure that financial institutions work well and the financial markets
operate smoothly. Thus, the financial regulatory and supervising bodies could enjoy a
favorable operating environment to play their roles adequately. Accordingly, the
Government and the relevant advisory bodies such as SBV and Ministry of Finance,
etc., shall assume the role of setting up a strong financial infrastructure;
- Review the classification of debts to apply appropriate measures. For bad debts
due to subjective causes of banks, they have to take their own responsibilities to
handle. In case of bad debts due to objective causes, the State and the banks are
required to share losses together in a way that the State may pay interests under
current interest rates, the State may pay part of or whole principal for affected
businesses; however, these businesses will need to transfer part of or even entire stake
to state ownership;

- Accelerate the process of restructuring the banking system and credit
institutions. The settlement of bad debts is the focus of the second phase of
restructuring the banking system. The question is how the weak banks are thoroughly
treated. If the weak banks cannot find the way to be merged together, the Government
will need to gather them together for nationalization to implement the stable monetary
policy during the restructuring period. Besides, the Government should allow and
encourage M&A between banks. Accordingly, banks with strong financial strength
and good corporate governance can be allowed to acquire weak banks. The merger
between banks may also be oriented for those having similar fields of activity to
ensure the compatibility of business models and organizations;
- Effectively operate the Vietnam Asset Management Company (VAMC). The
project of VAMC establishment has been approved by the Government. However, for
VAMC to perform well and efficiently, it is necessary to focus on the following
measures: (1) VAMC should be given sufficient power. The power of VAMC needs
to be accompanied by a specific budget line and time frame to settle serious bad debts;
(2) for facilitation of VAMC to recover purchased debts, it is essential to develop a
legal framework for the market for buying and selling of bad assets. This will help
avoid legal obstacles in dealing with cases that need to apply a certain policy of debt
settlement; and (3) settlement of bad debts must go hand in hand with corporate
restructuring, particularly with regard to SOEs;
- Develop the debt trading market. The handling of bad debt in Vietnam should
need to combine with the development of the debt trading market for socialization of
investment demand in bad debts. For the establishment of the debt trading market,
first of all, there is a need to develop companies specializing in buying and selling bad
debts and assets of economic sectors. Second, it is necessary to develop the legal
framework and macroeconomic mechanisms and policies to create corridors for
smooth operation of the debt trading market;
- Enhance the efficiency and effectiveness of banking inspection and supervision
so as to ensure credit institutions comply with the rules, especially the rules on credit,
loan classification, provisioning and use of risk provisions and regulation. SBV
should develop criteria to evaluate the policies and procedures of risk management of
commercial banks in accordance with scale and complexity of individual commercial
banks; gradually standardize procedures for identification, measurement, testing and
control of risks;
- Take advantage of the support of financial institutions and create favorable
conditions for domestic and foreign investors to participate in the process of bad debt
settlement. In this regard, it is beneficial to consult for experience of big financial
institutions during renovation of the financial system and at the same time to take
advantage of their financial supports to resolve bad debts;
- Increase monitoring of SOEs performance. The Government should enact
monitoring regulations aimed at monitoring the financial situation and providing

warnings to prevent risks and ensure a healthy financial and business performance. At
the same time, it is essential to promote the restructuring and overcoming the
weaknesses of the SOE system to mitigate the damage that this system could cause
the economy; and to reallocate the resources to areas with higher productivity to help
dynamic sectors with favorable conditions for optimal development;
- Support the recovery of the real estate market and the stock market to assist the
process of handling bad debts. The Government should work out solutions to help
recover the real estate market, including supply reduction, no new license, revoking
licenses of unqualified investors, stimulus demand in social housing apartments and
low-income homebuyers, further improvement of legal procedures, paying special
attention to the guarantee property as real estate, and encouraging M & A activities
between projects;
- Continue implementation of policies of macroeconomic stability, inflation
control and economic restructuring. Facilitate sustainable socio-economic
development, thereby reducing the growth of NPLs and improving credit quality; and
- Improve the legal framework to use it as a basis for internal credit rating,
addressing the internal constraints of some banks, and monitoring cash flow within
the banking system.
2.2. For commercial banks and credit institutions
The Scheme of handling bad debts of credit institutions stipulates that credit
institutions needs to actively implement ten specific measures. However, for effective
implementation of these measures, it is necessary to carry out the following tasks
simultaneously:
- Develop the system of NPL classification to apply appropriate remedial actions
for different types of bad debts and affected businesses;
- Enhance the risk provisioning and use of risk provisions to handle bad debts in
accordance with the law. The additional provision will facilitate the banks to collect
debts, having more time for liquidation of collateral at reasonable price, thus creating
income for the following years;
- Securitize doubtful debts. For businesses with a history of good corporate
governance, they can be allowed to transfer part of the principal to medium-term
bonds to support their liquidity and survival. Transfer bad debts into shares and
change the position of the banks as creditors to become major shareholders in case of
realizing the businesses potential of survival and development after corporate
restructuring;
- Ensure transparency of information systems. Establishment of independent
organizations having roles of mining, verification and control of information from
commercial banks. In addition, credit institutions will need to follow the financial
soundness indicators (FSI)" developed by IMF; and

- Credit institutions need to improve their internal administration mechanisms,
ensuring that only authorized and responsible people are allowed to make decisions
and maintaining close supervision to prevent conflict of interests and vested
interests.
2.3. For the borrowers
- Borrowers need to proactively coordinate with credit institutions to develop
and implement debt restructuring plans to solve business problems;
- Actively participate in market development for increased goods consumption
and boosted exports; and actively participate in programs and business support
solutions implemented by the Government, ministries and agencies at different levels;
and
- To improve business efficiency, ensure appropriate capital structures, allocate
capital properly, ensure efficient use of capital, maintain the cash flow needed for
balance of payments, conduct regular assessment of financial status to provide
warnings about the financial situation of enterprises.

TI LIU THAM KHO
1. A V (2012), Kinh nghim x l n xu ca Trung Quc, Tp ch Kinh t Chu ,
2012;
2. Bi Bo Ngc (2012), Tnh hnh n xu ca Vit Nam v mt s gii php khc
phc, Tp ch Thng tin v d bo kinh t x hi, s 81, 2012;
3. inh Th Thanh Vn (2013), So snh n xu, phn loi n v trch lp d phng ri
ro tn dng ca Vit Nam v thng l quc t, Tp ch Ngn hng, s 19, 2013;
4. L Quc Phng (2013), Bn v gii php x l n xu hin nay, Tp ch Kinh t
v D bo, s 9, 2013;
5. Nguyn Hu Mnh (2012), Vn s hu cho trong qu trnh gii quyt n xu
ca h thng NHTM Vit Nam, Tp ch Ngn hng, s 24, 2012;
6. Nguyn Kim Thanh (2012), La chn m hnh x l n xu Vit Nam, Tp ch
Ti chnh, s 11, 2012;
7. Nguyn Quang Thi (2013), N xu: Nhn dng v x l, Tp ch Kinh t v D
bo, s 9, 2013;
8. Nguyn Th Mi (2012), Thc trng n xu ti cc ngn hng Vit Nam v gii
php tho g, Tp ch Ti chnh, s 11, 2012;
9. Nguyn Th Thu Hng (2013), N xu ngn hng Vit Nam: Mt nm nhn li, Tp
ch Ngn hng, s 6, 2013.
10. Nguyn Trng Ti (2013), X l n xu trong h thng ngn hng Vit Nam hin
nay, Tp ch Nhng vn kinh t v chnh tr th gii, s 3, 2013;
11. Phm Hu Hng Thi (2012), Kinh nghim x l n xu ti mt s nc v hm
cho Vit Nam, Tp ch Ti chnh, s 11, 2012;
12. Phm Tin Hng (2013), Bi ton n xu: cn mt gii php ng b, Tp ch
Kinh t Chu Thi Bnh Dng, s 397, 2013;
13. Thu Thy (2013), N xu ti cc NHTM Vit Nam cn nhng gii php x l
ng b, Tp ch Th trng Ti chnh tin t, s 10, 2013;
14. Trnh Quang Anh (2013), Vn n xu cc NHTM Vit Nam, Tp ch Kinh t
v D bo, s 9, 2013;
15. Hong Tr My (2012), Kinh nghim x l n xu Thi Lan, Thi bo Ngn
hng, 2012;
16. V Kim Oanh (2013), Kinh nghim x l n xu ca Hn Quc - Bi hc cho
Vit Nam, Hc vin Ngn hng, 2013;

17. S liu thng k ca NHNN, Tng cc Thng k;
18. Mt s website, tp ch v ngun khc trn Internet.

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